The Regional Comprehensive Economic Partnership Agreement has come into full force for 15 signatory countries - RCEP enters a new stage of comprehensive implementation in China | RCEP | signatory countries
The Regional Comprehensive Economic Partnership Agreement officially came into effect for the Philippines on June 2, marking the full entry into force of RCEP for the 10 ASEAN countries and 15 signatory countries including Australia, China, Japan, South Korea, and New Zealand.
Just after midnight on the 2nd, at the RCEP Shandong Enterprise Service Center in Shibei District, Qingdao, customs officers issued RCEP certificates of origin for a batch of container liquid bags exported by Qingdao Langfu Technology Co., Ltd. to the Philippines. This is the first RCEP certificate of origin issued by Shandong Province for the Philippines after RCEP came into effect.
"This batch of goods weighs about 5.6 tons and has a value of about 70000 yuan. With this certificate of origin, the tariff rate for customs clearance in the Philippines can be reduced from 3% to zero," said Ma Wenbo, the chairman of the company.
According to Bi Haijun, Director of the Tariff Department of Qingdao Customs, in the first four months of this year, Qingdao Customs issued certificates of origin for more than 5000 batches of goods exported to the Philippines under the China ASEAN Free Trade Agreement, with an export value of over 2 billion yuan. According to static calculations, after RCEP completes the tax reduction process, Shandong's imported goods from the Philippines can further reduce tariff costs by over 30 million yuan on the basis of the China ASEAN Free Trade Agreement. At the same time, after the implementation of RCEP in the Philippines, on the basis of the China ASEAN Free Trade Agreement, zero tariff treatment has been added to China's automobiles and parts, some plastic products, textiles and clothing, and other goods.
The head of the International Department of the Ministry of Commerce stated that the total population, GDP, and trade volume of goods in the RCEP region all account for about 30% of the world's total. The agreement is fully effective for the 15 signatory countries, marking a new stage in the comprehensive implementation of the world's most populous, largest economic and trade scale, and most promising free trade area.
Since its effectiveness on January 1, 2022, RCEP has played an important role in stabilizing China's foreign trade and foreign investment. From a trade perspective, last year China's total import and export volume with other RCEP member countries was 12.95 trillion yuan, a year-on-year increase of 7.5%, accounting for 30.8% of China's total foreign trade import and export volume. In the first four months of this year, China's total import and export volume with other RCEP member countries was 4.12 trillion yuan, a year-on-year increase of 7.3%, accounting for 30.9% of China's total foreign trade import and export volume. From the perspective of attracting foreign investment, China actually utilized 23.53 billion US dollars in investment from other RCEP member countries last year, a year-on-year increase of 23.1%. In the first four months of this year, China actually utilized nearly 8.9 billion US dollars in investment from other RCEP member countries, a year-on-year increase of over 13.7%.
Since the implementation of RCEP, various regions have actively strengthened policy coordination, optimized the business environment, strengthened economic and trade cooperation with RCEP member countries, effectively improved support and service levels for enterprises, helped enterprises seize the opportunities of the agreement, and formed many effective practical measures and innovative practical achievements.
On the one hand, various regions have introduced measures tailored to local conditions and actively aligned with the opportunities of the agreement. To implement the Guiding Opinions on High Quality Implementation of RCEP, many places have formulated work plans or action plans for implementing RCEP based on development realities. Some places have also incorporated RCEP opportunities into their local "14th Five Year Plan" and 2035 Vision Goal Outline, systematically promoting high-quality implementation work and promoting deeper integration into regional markets.
On the other hand, to facilitate regional economic and trade exchanges and enhance the level of trade facilitation. Many places have implemented RCEP trade facilitation measures with high standards, promoting the implementation of fast transportation and 6-hour customs clearance for perishable goods; Actively building an online RCEP intelligent application public service platform, promoting the full process digital service of origin certificates, and helping enterprises to enjoy benefits efficiently. Developing and increasing foreign trade liners, air freight routes, railway freight trains and stations for RCEP member countries in relevant areas, continuously improving the comprehensive service level of logistics and supply chain, enhancing port clearance efficiency and traffic capacity.
Grasp the policy of opening up agreements and promote the implementation of trade and investment achievements. Various regions and enterprises are striving to utilize the RCEP origin accumulation rules, preferential policies for service trade and investment market opening, actively optimize regional trade and investment layout, and promote the deep integration and development of industrial and supply chains. Some places have developed intermediate product production and trade targeting RCEP member countries based on local resource endowments and industrial characteristics, achieving positive results. In some places, open platforms such as free trade pilot zones are combined with RCEP policies to enhance targeted investment in key industries and promote the landing of a number of major projects.
The person in charge of the International Department of the Ministry of Commerce stated that they will continue to do a good job in the high-quality implementation of RCEP, guide local governments, industries, and enterprises to deeply connect with RCEP opportunities, fully enjoy the policy dividends of the agreement, and play a positive role in promoting industrial chain and supply chain cooperation, and promoting high-quality development.
