BEIJING – The Regional Comprehensive Economic Partnership (RCEP) agreement, the world’s largest free trade agreement, entered into force today.
After the agreement takes effect, more than 90% of merchandise trade among members that have approved the agreement will eventually be subject to zero tariffs, reported Xinhua news agency.
With optimised trade rules among signatories, streamlined procedures and wider opening-up in the sectors of services-trade and investment, the RECP will bring tangible benefits to the member countries.
China will fully implement the obligations of the RCEP agreement and guide local governments, industries and enterprises to better seize the opening-up opportunities, according to the Commerce Ministry.
The country will work actively with other members to build the RCEP mechanism into a major platform for economic and trade cooperation in East Asia, the ministry said.
The RCEP includes 10 Asean members, namely China, Japan, South Korea, Australia and New Zealand. The 15 states’ total population, gross domestic product and trade account for about 30% of the world total. – Bernama, January 1, 2022
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