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Caijing.com Capital Markets, Dec 16 According to a report by the China News Agency, Yang Zhengwei, deputy director of the International Department of the Ministry of Commerce of China, revealed on the 16 that China has started the national approval process for the Economic Association Comprehensive Regional (RCEP) and will strive for the preparations for the entry into force will be completed in a few months and is expected to be approved in late May or early June 2021
Yang Zhengwei stated at the RCEP exchange seminar held that day by the China Council for the Promotion of International Trade that RCEP will bring many benefits to China. On the one hand, RCEP members will implement zero tariffs on 90% of the products as a whole, and will adopt highly inclusive rules of accumulation of origin, which will promote the growth of trade in goods in the region; Furthermore, RCEP members are involved in trade in services. So far, each chapter has made a very high level of commitment, which will also provide opportunities for the development of the service industry.
He said that RCEP will incorporate the construction of an open, fair and convenient business environment into the agreement, which will help RCEP members to improve their capacity and level of governance of the business environment, further enhance investor confidence in investment. regional and attract more investors. Many international capitals focus on this area. Based on these benefits, China will actively promote the effective implementation of RCEP as soon as possible.
RCEP Super Economic Circle
The full name of RCEP is the Regional Integral Economic Association, which is the regional integral economic association. RCEP was first initiated by ASEAN in 2012 and lasted for eight years. Its members include China, Japan, South Korea, Australia, New Zealand, and ten ASEAN countries (Indonesia, Malaysia, the Philippines, Thailand, Singapore, Brunei, Cambodia, Laos, Myanmar, Vietnam). An agreement made by 15 parties.
RCEP is the world’s only regional trade agreement focused on developing economies. The agreement mainly involves common tariffs, rules of origin, access to investments, intellectual property rights, competition policies and electronic commerce, and aims to establish a free trade agreement with a unified market by reducing tariffs and non-tariff barriers. .
RCEP is also the largest super economic circle in the world. In terms of population size, the population of the RCEP member countries is 2.3 billion, representing 30% of the world’s total population; In terms of commercial scale, the regional trade volume of the RCEP is US $ 10.4 trillion, representing 27.4% of world trade; In terms of economic aggregate, the GDP of the RCEP member countries in 2019 was 25.6 trillion dollars, which represents 29.3% of the world economy.
Among them, the total GDP of the ten ASEAN countries in 2019 is US $ 3.14 trillion, representing about one-tenth of the total RCEP economy. Although the economic size of ASEAN is not prominent among member states, ASEAN has a population of 655 million, which has enormous potential for future development.
