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Original title: First time! Experts in bilateral tariff reduction agreements reached between China and Japan: The signing of the RCEP lays a solid foundation for the negotiations of the China-Japan-Korea free trade area
Every time reporter Jang Jong Yin
On November 15, the Regional Comprehensive Economic Partnership Agreement (RCEP) was officially signed.
China’s Ministry of Finance stated that the RCEP Agreement has achieved fruitful results in liberalizing trade in goods. Tariff reduction among members is based on a commitment to immediately reduce tariffs to zero and reduce tariffs to zero within ten years. The free trade zone is expected to achieve significant phased construction results in a relatively short period of time. For the first time, China and Japan reached a bilateral tariff reduction agreement, achieving a historic breakthrough. The agreement will help promote the realization of a high level of trade liberalization in the region.
On the same day, Vice Minister of Commerce and Deputy Representative for International Trade, Wang Shouwen, said in an interview with the media that the new China-Japan free trade relationship has been established through RCEP, and that trade coverage China with free trade partners will increase from the current 27% to 35.%.
China and Japan “achieve historic breakthrough”
The RCEP negotiations officially began in November 2012 and covered more than ten fields, including small and medium-sized enterprises, investment, economic and technical cooperation, and trade in goods and services.
Current member states of the RCEP agreement include 10 ASEAN countries, 15 countries including China, Japan, South Korea, Australia, and New Zealand. The RCEP agreement brings the original bilateral free trade agreements between 15 countries into a unified framework. Once the agreement is signed, 15 countries will respect common rates, rules of origin, access to investment, intellectual property rights, competition policy and electronic commerce.
In this regard, the Chinese Ministry of Finance stated that tariff reductions among members are mainly based on a commitment to immediately reduce tariffs to zero and reduce tariffs to zero in ten years. The free trade zone is expected to achieve significant phased construction results in a relatively short period of time. For the first time, China and Japan reached a bilateral tariff reduction agreement, achieving a historic breakthrough.
On the 15th, Wang Shouwen said that RCEP has added a free trade relationship between China, Japan and Japan and South Korea, which has significantly increased the degree of free trade in the region. According to calculations by international think tanks, in 2025, RCEP is expected to boost exports from member countries to grow 10.4% more than the baseline.
What impact does RCEP signing have on Sino-Japanese trade? Li Chunding, a professor at the China Agricultural University, told the “Daily Economic News” reporter that among RCEP’s multiple bilateral relations, the impact on the China-Japan economy and trade is the greatest, because both China and Japan they are very large economies. Before there was no bilateral free trade agreement. This encourages our Chinese products and companies to move to Japan, and will bring greater growth potential to Sino-Japanese trade as a whole.
According to Li Chunding’s previous calculations, when India did not join and the remaining 15 economies reached the RCEP deal, Japan benefited from the deal, which is not much different from India’s participation. Specifically, Japan’s social welfare will increase by 0.777%, GDP growth by 1.287%, manufacturing employment growth by 6.464%, trade by 12.845%, exports by 14,388% and imports by a 11.517%.
Recently, China’s foreign trade data released by the General Administration of Customs on October 1 this year showed that Japan is China’s fourth-largest trading partner, with a total trade value of 1.8 trillion yuan, an increase of the 1.5% and represents 6.9% of China’s total foreign trade. Among them, exports to Japan were 809.17 billion yuan, basically the same as in the same period last year; Japan’s imports were 986.7 billion yuan, an increase of 2.7%; the trade deficit with Japan was 177.53 billion yuan, an increase of 17.1%.
Facilitate negotiations on the China-Japan-Korea Free Trade Area
The successful signing of RCEP also played a role in promoting the China-Japan-Korea free trade area negotiations.
Li Chunding told the “Daily Business News” reporter that, overall, the signing of the RCEP has provided opportunities for the China-Japan-Korea Free Trade Area and has laid a good foundation for negotiations on the China Free Trade Area. -Japan-Korea, which is beneficial to China. The Japan-Korea Free Trade Area has formed a higher level of cooperation.
Yuko Fukagawa, vice dean of the Faculty of Political Science and Economics at Waseda University in Japan, once said that China, Japan and South Korea have great demands for cooperation in the field of digital economy. Japan, China and South Korea have promoted industrial digitization in different ways. South Korea is very successful in communication technology, providing citizens with highly efficient administrative services; Japan is morerobot, Big Data, etc. they have technical advantages. Therefore, Japan, China and South Korea should share some technologies and knowledge to promote China-Japan-Korea digital economic cooperation.
At the China-Korea Joint Economic and Trade Committee meeting in August this year, China and South Korea agreed to move forward in negotiating a China-Japan-Korea free trade agreement. Before this, China and Japan also proposed to accelerate negotiations on the China-Japan-Korea Free Trade Area to contribute to regional and global economic recovery.
According to data from the General Administration of Customs from October this year, South Korea is China’s fifth largest trading partner. The total trade value between China and South Korea is 1.62 trillion yuan, an increase of 0.8%, accounting for 6.2% of China’s total foreign trade. Among them, exports to South Korea were 634.26 billion yuan, an increase of 1.4%; South Korea’s imports were 987.44 billion yuan, an increase of 0.4%; the trade deficit with South Korea was 353.18 billion yuan, a decrease of 1.3%.
Both Japan and South Korea are important trading partners of China. After the signing of the RCEP, more than 90% of products and services will gradually enter the Chinese market without tariffs, and domestic people will be able to enjoy a wider range of goods and services at lower prices.
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