Views: 9 Author: Site Editor Publish Time: 2022-01-03 Origin: Site
The Regional Comprehensive Economic Partnership (RCEP) entered into force on January 1, 2022, marking the launch of the world's most populous free trade area with the largest economic scale and the greatest development potential.
RCEP is officially in force for 10 countries brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, China, Japan, New Zealand and Australia. South Korea will take effect on February 1. The remaining member states will also come into force after completing domestic ratification procedures.
It's not just tariff cuts. The RCEP has also established unified rules on rules of origin, customs procedures, inspection and quarantine, which will further facilitate intra-regional trade.
In addition to trade in goods, RCEP members have also made high-level commitments to opening-up in services and investment, and established high-level rules on intellectual property rights and e-commerce. As a result, various economic factors will flow more smoothly, and industrial, supply and value chains within the region will be further consolidated and developed.
Under the RCEP mechanism, enterprises can obtain the qualification of origin and enjoy preferential tariff with lower threshold, thus reducing costs and gaining wider international market.