On March 8, China officially approved RCEP! This marks the formal establishment of the free trade zone with the largest economic and trade scale and the most development potential in the world. More than 90% of the trade in goods in the region has finally achieved zero tariffs, which is mainly reduced to zero immediately and gradually.
The regional organization was initiated by 10 ASEAN countries (Indonesia, Malaysia, Philippines, Thailand, Singapore, Brunei, Cambodia, Laos, Myanmar, Vietnam) and invited (China, Japan, South Korea, Australia, New Zealand and India) to participate. It aims to reduce tariff and non-tariff barriers, establish a trade agreement with 16 countries to unify the free market, and implement regional economic integration through opening markets among member countries. (India finally withdrew) this means that as long as the import and export enterprises reduce taxes and zero tariffs, the premise is that the products comply with RCEP rules of origin, and declare and enjoy the relevant agreed tax rate according to the customs requirements of the import party.
After the agreement comes into force, more than 90% of the trade in goods in the region will eventually achieve zero tariffs, and the tax can be reduced to zero immediately and gradually.