Regional Comprehensive Economic Partnership Agreement (RCEP) will take effect on New Year's Day. Ren Hongbin, deputy minister of China ’s Ministry of Commerce yesterday (30th), said that RCEP's effectiveness will greatly boost the confidence of China's economy in the context of the epidemic.
According to a press release issued by the State Council on the official website, Ren Hongbin said at a press conference on the press office of the State Council of China that the unified market of the RCEP region began to operate, which will effectively heep the epidemic on the negative impact of the economy and boost the boosterIndustry and enterprises have carried out trade and investment confidence to inject new impetus into China's economic growth.
Ren Hongbin said that RCEP is of great significance for China's construction of a new development pattern.Therefore, the Ministry of Commerce will work closely with local and relevant departments in the next step, so that foreign trade enterprises will really enjoy the openness and policy dividends brought by RCEP.
Cui Fan, a professor at the School of International Economics and Trade, China University of Foreign Economics and Trade, said that after the RCEP agreement takes effect, more than one -third of China's foreign trade will achieve zero tariffs, involving agricultural products and automotive components.For example, before the signing of RCEP, Japan only gives zero tariffs to 20 % of agricultural products imported from China, and it will increase to about 60 % in the future.
RCEP was initiated by Axi'an in 2012. It took eight years. A total of 15 members of 10 members including China, Japan, South Korea, Australia, New Zealand, and Asiabe were participated in the formulation.
