Chinese businesses to benefit from RCEP under new govt guideline

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China will introduce a guideline to help businesses tap opportunities from the Regional Comprehensive Economic Partnership (RCEP), which is likely to expand trade and inject growth impetus into the regional and global economies. The country is expected to play an increasingly important role in both regional and global value chains, say analysts.

“The ministry will roll out a guideline for high-quality implementation of the agreement together with other departments, aiming to help enterprises and local governments to make better use of RCEP rules and seize opportunities from markets opening up wider,” Chinese commerce ministry spokesman Gao Feng told an online media briefing recently.

Such efforts will propel regional trade and investment growth and strengthen deep integration of industrial and supply chains among the agreement members. This will accelerate high-quality and in-depth regional economic integration, he was quoted as saying by state-controlled media reports.

China will introduce a guideline to help businesses tap opportunities from the Regional Comprehensive Economic Partnership (RCEP), which is likely to expand trade and inject growth impetus into the regional and global economies. The country is expected to play an increasingly important role in both regional and global value chains, say analysts.

A recent State Council executive meeting chaired by Premier Li Keqiang called for efforts to support enterprises to increase competitiveness in international markets, improve the quality of trade and investment, and push for industrial upgrades in light of the RCEP coming into force in 2022.

The State Council executive meeting urged enterprises to expand exports and imports and leverage RCEP provisions on tariff reductions and the rules of origin.

The meeting also called for better utilisation of the RCEP on opening-up commitments and rules, and strengthening regional cooperation on high-end and green industrial chains and manufacturing projects. The agreement should also shore up the opening-up of the services sector and take investment to a higher level.

RCEP takes effect on January 1 in 10 member states: Japan, Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, Australia, China and New Zealand. It will enter into force for the other five members 60 days after official deposition of ratification, acceptance, or approval. South Korea will see it take effect on February 1.

Fibre2Fashion News Desk (DS)





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