RCEP is fully effective for 15 member states!

On June 2nd, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into full force for 15 member states, and the world's largest free trade zone will enter a new stage of comprehensive implementation.
On January 1, 2022, RCEP officially entered into force for 10 countries including Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, China, Japan, New Zealand, and Australia; Effective for South Korea on February 1st; Effective for Malaysia on March 18th; Effective for Myanmar on May 1st. On January 2, 2023, RCEP officially entered into force for Indonesia; Effective for the Philippines on June 2nd. At this point, all 15 member states included in RCEP have completed the effective procedures and can mutually implement tariff concessions, and the dividends of preferential policies will continue to expand.
Chen Jianwei, Associate Professor of the National School of International Business and Economics at the University of International Business and Economics, stated in an interview with Securities Daily that over the past year since the implementation of RCEP, the tariff levels between member countries have decreased, and the cost of goods trade has significantly decreased, effectively promoting the deep integration of industrial chains, supply chains, and value chains within partner countries' regions. For our country, it is not only conducive to expanding the export market, but also conducive to advantageous industries' going global 'and global layout, thereby helping to build a new development pattern.
In fact, over the past year, many enterprises have benefited from the benefits of tariff preferences, simplified customs clearance, and trade and investment facilitation brought about by the RCEP.
The certificate of origin is an important certificate for export goods to enjoy tariff reduction and exemption at the importer in accordance with trade policies. It is called "paper gold". According to the latest data of the China Council for the Promotion of International Trade, from January 2022 to April 2023, the national trade promotion system issued more than 220000 certificate of origin under the RCEP, involving an amount of 9.073 billion US dollars, which is expected to reduce tariffs on Chinese products in RCEP importing member countries by about 136 million US dollars.
The reporter from Securities Daily learned from Shenyang Customs that Shenyang Customs is guided by the actual needs of enterprises and has formulated preferential plans and targeted assistance measures to guide enterprises to make good use of the preferential policies of the RCEP agreement. Liaoning Province's new energy special vehicles, carbon, paraffin, and other characteristic products have smoothly "exported" to the RCEP member country market. In the first four months of this year, Shenyang Customs issued 414 RCEP certificate of origin, with a visa amount of 568 million yuan, up 142.94% year on year.
A person in charge of a food foreign trade company in Dalian told reporters, "According to the policy of decreasing RCEP tax rates year by year, the tax rates of several products involved in the company this year have decreased by an average of 0.8% compared to last year. The tax rate preferential policy has helped us reduce export costs and consolidate market share in relevant exporting countries
In response to the RCEP coming into effect for the Philippines on June 2nd, business departments and enterprises across the country have been prepared. For example, on May 26, the China Council for the Promotion of International Trade issued a notice on the acceptance of the certificate of origin under the RCEP with the Philippines as the destination country. On May 31st, the Guangdong Branch of the General Administration of Customs held a policy briefing in Jiangmen City. Meng Shengnan, Chief of the Comprehensive Department of Origin at the Customs Office of Jiangmen Customs, introduced that after RCEP takes effect in the Philippines, in the field of goods trade, the Philippines will add new restrictions on China's automobile industry