▲ Leaders of member countries of the Regional Comprehensive Economic Partnership (RCEP) are participating in a videoconference on November 15, last year. Beijing/Xinhua News
Regarding the entry into force of the Regional Comprehensive Economic Partnership (RCEP), the Chinese government said, “It sends a strong signal to the outside that the RCEP members oppose unilateralism and protectionism and support free trade and multilateral trade systems.” He also emphasized that he would prepare for a tariff cut when it takes effect.
According to Bloomberg News on the 6th (local time), China’s Ministry of Commerce made this statement in an explanation of the name of the person in charge of international affairs posted on its website on the same day. The Ministry of Commerce said, “We are ready to cut tariffs when they come into effect on January 1,” and emphasized that “RCEP can promote economic recovery in the region and promote economic development through the supply chain.”
He added, “If the RCEP is fully implemented, nearly one-third of the world’s economic zone will form a single huge market, and there is a lot of room for development,” he said. did.
RCEP consists of 10 ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and 5 non-ASEAN countries (Australia, China, Japan, Korea and New Zealand). A total of 15 countries are participating. In terms of the population of the participating countries, they account for one-third of the world’s population.
As Australia and New Zealand deposited their instruments of ratification with the ASEAN Secretary-General this month, the minimum depositary standard (10 countries) required for entry into force was achieved, confirming the launch of the RCEP in January next year. Among the three Northeast Asian countries, China and Japan have completed the ratification of the RCEP, and the Korean government is pursuing related procedures with the goal of ratification within this year.
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