US media: China will reduce tariffs in accordance with the RCEP agreement next year

US media: China will reduce tariffs in accordance with the RCEP agreement next year

On November 8, according to the Bloomberg News Society reported on November 6, China said that it was prepared to reduce tariffs when the "Regional Comprehensive Economic Partnership Agreement" (RCEP) is taken into force. A statement on the 6th of the Ministry of Commerce shows that China expects the agreement to significantly improve the level of economic integration in East Asia, and look forward to the comprehensive implementation of the agreement as soon as possible.

The statement also said that RCEP can promote the resuscitation of the regional epidemic, consolidate the industrial chain supply chain and promote economic development.

According to reports, RCEP is considered to be the largest regional trade agreement.

15 countries signed the agreement in 2020.

It covers approximately one-third of the population and GDP in China.

According to the regulations, the agreement takes effect in 15 Member States to approval, at least 6 ASEAN Member States and 3 Non-ASEAN Member States.

The report also said that China has confirmed that 6 ASEAN members, such as Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam, and 4 non-ASEAN members, such as Japan, New Zealand, Australia have officially submitted to the Secretary-General of the ASEAN. Approved, the rest of the country is accelerating the promotion of domestic approval procedures.