RCEP members will push for the agreement to come into force on January 1

All member states of the Regional Comprehensive Economic Partnership (RCEP) have vowed to ratify the agreement before the end of the year and push for the agreement to take effect on January 1, Yu Benlin, director general of the international department of the Ministry of Commerce, said on Monday.

Yu Benlin was speaking at the second online special training course of RCEP held by the Ministry of Commerce on December 22. He said the RCEP agreement requires that ratification by six ASEAN members and three non-ASEAN members be followed by reciprocal entry into force among the ratifying countries. At present, China has completed its ratification and become the first country to ratify the Agreement. Thailand has also ratified the agreement.

Once the agreement enters into force, countries will immediately cut taxes, fulfill their commitment to open investment in services and implement the rules in all areas of the agreement in accordance with the agreement.

According to reports, the Ministry of Commerce and relevant departments have reviewed 701 binding obligations concerning China in the agreement, and 613 of them, or 87 percent of the total obligations, have been prepared for implementation. "Other provisions can also be prepared before the implementation of the agreement, and China will be able to fully fulfill its obligations upon the entry into force of the agreement." Yu said.

RCEP is the world's largest free trade area, with a total population of 2.27 billion, a GDP of 26 trillion US dollars and a total export volume of 5.2 trillion US dollars, accounting for about 30 percent of the global total. According to estimates by the Peterson Institute for International Economics, by 2030, RCEP is expected to generate a net increase in exports of US $519 billion and a net increase in national income of US $186 billion.

Yu suggested that enterprises seize the opportunities brought by the agreement but also properly deal with the challenges, including understanding the impact of trade in goods on industrial development and taking effective countermeasures; Make good use of the rules of origin accumulation and participate in the dynamic adjustment of the industrial chain and supply chain; We should seize the new opportunities brought about by the opening up of the RCEP service sector and investment, improve the management level and the ability to make use of the agreement, and enhance the ability to participate in international cooperation and competition.

Previously, the Ministry of Commerce held the first RCEP nationwide online training course in mid-January, covering nearly 6,000 people from commerce, customs, trade promotion systems and business associations in all provinces, municipalities and autonomous regions. This is the second online training for a wider range of participants. More than 60,000 people have signed up for the training, more than 70% of whom are representatives of enterprises.