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Economic Daily-China Economic Net, Beijing, March 22 (Reporter Feng Qiyu) Yu Benlin, Director of the International Department of the Ministry of Commerce, at the second special online training on Regional Comprehensive Economic Partnership (RCEP) conducted by the Ministry of Commerce on the 22nd He said that at present, China has completed the approval of the entry into force of the RCEP agreement, becoming the first country to ratify the agreement. Thailand has also ratified the agreement. This year, members will convene intensive meetings to report on the progress of their respective approvals. At present, all member states have indicated that they will ratify the agreement before the end of the year, and will promote that the agreement enters into force on January 1 of next year.
Yu Benlin stated that the Ministry of Commerce and relevant departments have resolved the 701 binding obligations of the agreement involving China. After the efforts of various departments, 613 articles have been prepared for implementation, representing 87% of all obligations. Other items may also be prepared prior to the implementation of the agreement. Instead, China will be able to fully comply with its obligations when the agreement enters into force.
The RCEP is the largest free trade zone in the world. The 15 member states of the RCEP agreement have a total population of 2.27 billion, a GDP of US $ 26 trillion, and total exports of US $ 5.2 trillion, each of which represents approximately 30% of the world’s population. total. Once the RCEP agreement enters into force, countries will immediately reduce taxes in accordance with the agreement, fulfill their commitment to open investment in services, and implement the rules in all areas of the agreement. More than 90% of trade in goods in the region will eventually achieve zero tariffs, which is expected to benefit businesses and consumers in various countries.
Cumulative rules of origin are understood to be widely known as the most striking achievement of the RCEP agreement in the field of merchandise trade. According to the rules of accumulation of origin, when determining the qualification of origin of the product, the source materials of other member states of the RCEP agreement can be accumulated to meet the standard of origin of 40% value added of the final product of export, so that it is easier to enjoy preferential rates. Cumulative rules of origin lead countries to further expand exports, promote trade in intermediate products, and stabilize and strengthen regional supply chains.
Yu Benlin said that Chinese companies should adapt to the new situation of a more open and competitive environment after the implementation of the RCEP agreement, and continuously improve the competitiveness of the industry. It is necessary to fully understand the opportunities and challenges presented by a broader scope and higher standards of openness and competition, and strive to expand the space for cooperation and development in market competition. Relevant industry departments should compare with the international advanced industry level, classify and improve standards, rules, etc. quality standards of my country, and promote the manufacturing industry to advance to the medium to high level. Relevant companies must have a sense of urgency for transformation and upgrade, strengthen professionalism and awareness of excellence, promote product quality upgrades, improve management levels, and continuously improve market competitiveness.
Previously, the Ministry of Commerce conducted the first national RCEP online training course in mid-January, which covered nearly 6,000 people from trade, customs, trade promotion systems and business associations in 31 provinces, municipalities and autonomous regions throughout the country. This is the second online training with a broader scope, the number of registered participants exceeds 60,000 and more than 70% are business representatives.Return to Sohu to see more
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