On January 1, 2022, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect, which means that by far the world's largest free trade zone officially set sail. According to information on the website of the Ministry of Commerce of the
, RCEP has taken the lead in implementing it in 10 countries that have formally submitted their approval documents, namely Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam, and four non-ASEAN members of China, Japan, New Zealand and Australia. South Korea will join the implementation on February 1. The remaining member states will also enter into force after completing the domestic ratification process. RCEP has a total of 15 member countries, including China, Japan, South Korea, Australia, New Zealand and 10 ASEAN countries.,
Ministry of Commerce International Trade and Economic Cooperation Research Institute of Asia Research Institute deputy director, researcher Yuan Bo told the first financial reporter, "after the conclusion of RCEP, in the previous no free trade agreement arrangements, tariff barriers relatively high level of members, 'trade creation' effect will be more obvious." The Institute of International Trade and Economic Cooperation of the Ministry of Commerce of the Ministry of
recently released the "RCEP Impact Assessment Report on the Regional Economy", which shows that by 2035, RCEP will drive the overall real GDP, export and import increment of the region to increase by 0.86%, 18.30% and 9.63% respectively compared with the benchmark scenario, and the cumulative increment of exports and imports will reach US $857.1 billion and US $983.7 billion respectively. At the global level, by 2035, RCEP will drive the cumulative growth of world real GDP and import and export trade by 0.12% and 2.91%, respectively, over the benchmark scenario.
Issue the first order after RCEP takes effect in multiple locations
After eight years of negotiations, on November 15, 2020, at the fourth RCEP leaders' video conference, under the witness of the leaders of 15 countries, trade ministers of various countries signed the RCEP. RCEP agreement covers tariff reduction and exemption, trade facilitation, service investment opening, business personnel exchanges, e-commerce, intellectual property protection and other fields. Whether it is the total population, economic volume, or total trade, RCEP is the global total of about 30%, so it is by far the world's largest free trade agreement. on the first day of RCEP's entry into force, many enterprises can't wait. In Shanghai, Shanghai Zhenhua Heavy Industry (Group) Co., Ltd. independently issued a declaration of origin under the first ticket RCEP of the Shanghai customs area for a batch of bridges exported to ASEAN at the enterprise end, becoming the "first order" of Shanghai where RCEP came into effect. in Huangpu, Guangzhou. Mingchuang Youpin International (Guangzhou) Co., Ltd. completed the certificate of origin examination and export declaration procedures at 0: 00 on January 1, and cleared customs for products exported to Thailand. This is Whampoa's first single-sided export trade to RCEP member countries after RCEP landed. It was learned that it took only 46 seconds from the submission of the application to the acquisition of the RCEP Certificate of Origin issued by the Customs. The single export goods will enjoy preferential tariffs of 153,000 yuan upon arrival in Thailand. In Hubei Wuhan, Guangxi Nanning, Shandong Qingdao and other places, enterprises have been competing for RCEP after the first batch of good. At 0:05 a.m. on January 1,
, X9101 container train loaded with more than 800 tons of goods departed from Nanning International Railway Port in Guangxi and arrived in Hanoi, Vietnam 28 hours later. This is China's first international freight train to RCEP member countries after RCEP came into effect. Behind the active enjoyment of RCEP dividends by enterprises in
many places in the is RCEP's convenience in customs clearance and tariff reduction. After the agreement enters into force, more than 90% of goods trade in the region will gradually achieve zero tariffs. Among them, the proportion of immediate zero tariff between China and ASEAN, Australia and New Zealand will exceed 65%. In 2022, China will have 24.9% products to open zero tariffs to Japan, Japan will have 57% products to open zero tariffs to China, and more goods will be reduced year by year. Gao Feng, a spokesperson for the Ministry of Commerce of
, said at a regular press conference recently that through the RCEP tariff preferential arrangement, enterprises in the region can significantly reduce production costs, and consumers can enjoy more high-quality and low-cost products. "For example, after the tax reduction is completed, China's imports of coconut juice, pineapple products, and paper products from ASEAN, induction cookers and electric ovens imported from Japan, as well as most mechanical equipment, instrumentation, and auto parts will gradually be exempted from tariffs." He said. Among the effective countries, China and Japan have reached a bilateral tariff reduction arrangement for the first time through the RCEP agreement, achieving a historic breakthrough. Vice Minister of Commerce Ren Hongbin said at a previous briefing by the State Council Information Office that China and Japan have reached a free trade arrangement for the first time. The two sides have substantially reduced tariffs on each other in many fields such as machinery and equipment, electronic information, chemicals, light industry and textiles, especially in 2022. China's export of 57% tariff products to Japan will immediately achieve zero tariffs, which will have a significant effect on trade promotion. According to data from the Ministry of Commerce of the
, China and Japan are newly established free trade relations, and the ratio of zero tariffs to each other will reach 25% and 57% respectively. In the end, 86% Japanese exports to China will achieve zero tariff, while Chinese exports to Japanese 88% will enjoy zero tariff treatment. In terms of service trade in
, RCEP member states have generally promised to open more than 100 service trade sectors, covering finance, telecommunications, transportation, tourism, research and development, etc., and have promised to fully transform it into a negative list within 6 years after the agreement enters into force. Improve the level of openness. Cross-border e-commerce, Internet finance, online office, online education, online consultation, online trade fairs and other new business models will usher in greater development opportunities, and will also bring more benefits and convenience to people's lives in the region.
Make good use of rules of origin
In addition to zero tariff highlights, RCEP's other highlight is the rule of origin. Dr. Guan Jian, a partner of Beijing Gaowen Law Firm of and a warehousing lawyer of the Ministry of Commerce of China, has participated in more than 30 RCEP trainings for domestic enterprises in the past year. In his view, domestic enterprises mainly focus on the use of tax rates, rules of origin, the impact of RCEP on trade and investment, and the impact of RCEP on the industrial chain. "Among them, the rules of origin are very technical and involve many details, especially the regional component accumulation rules in the RCEP agreement. Enterprises are more curious about how to use this rule." He said. As Guan Jian said, the two important elements in the RCEP rules of origin are the regional accumulation rules and the approved exporter system. The former regards the 15 Parties as a whole, and the origin components of the goods can be calculated cumulatively within the 15 countries. The latter is a policy of facilitating the application of certificate of origin for enterprises that have been recognized by the customs in accordance with the law and meet the relevant qualifications, that is, approved exporters can independently issue a declaration of origin for goods they export or produce that are qualified for origin under the agreement, without having to apply to the customs. In short, for becoming an "approved exporter enterprise", you can issue a statement without leaving your home and enjoy the convenience and efficiency of customs clearance in the RCEP era. Compared with the bilateral free trade agreement between China and RCEP partners, the rules of origin will make it easier for goods to obtain the origin qualification and thus enjoy the preferential tax rate of the agreement. This will promote the deepening of regional industrial chain supply chain cooperation and enable Chinese enterprises to speed up regional investment cooperation., Gao Feng gave an example. For example, a Chinese company produces refrigerators and exports them to ASEAN countries. The production uses Korean-made compressors and other parts, which exceed the 60% of the whole machine price. If the China-ASEAN Free Trade Agreement is applied, it fails to meet the requirements. The regional value component exceeds the 40% origin standard, and exports to ASEAN cannot enjoy preferential tariffs. "However, under RCEP, Korean-made compressors can be regarded as the cumulative value of materials of regional origin, and refrigerators assembled in China using Korean-made compressors can enjoy preferential tariffs when exported to ASEAN. RCEP rules of origin accumulation will strongly promote the minimization of production costs and the optimization of trade efficiency in the region, which will help strengthen the cooperation of industrial chains and supply chains in the region, and will also strongly enhance the sense of gain and well-being of consumers in the region." Peak said. Yuan Bo, of, believes that RCEP has given enterprises more choices after it comes into effect. She explained, "After RCEP comes into effect, on the one hand, if it is produced in Vietnam, it is very convenient to purchase from China and then import, because products purchased from China can be included in the proportion of original value calculation. On the other hand, enterprises have one more choice, because there was no free trade agreement between China and Japan before, so enterprises can only produce in Vietnam. Now, enterprises may also bring some manufacturing links to China. In other words, companies will think more flexibly."
Stabilizing Foreign Trade and Foreign Investment
The simulation results of the RCEP Impact Assessment Report on the Regional Economy show that by 2035, RCEP will enable China's real GDP, export and import increment to increase by 0.35%, 7.59% and 10.55% compared with the benchmark situation, and the cumulative increase in exports and imports will reach 315.4 billion US dollars and 306.8 billion US dollars respectively, and economic welfare will increase by 99.6 billion US dollars. 2021, China's foreign trade performance is remarkable. Ren Hongbin said at a previous regular press conference that China's import and export of goods is expected to reach 6 trillion US dollars in 2021, an increase of more than 20%, which will cross the "2 trillion" US dollar mark and consolidate its position as the largest trading country. Compared to 2020, the increase in imports and exports is about $1.3 trillion, which is equivalent to the sum of the increments of the past 10 years. According to data from the Ministry of Commerce,, in the first 11 months of 2021, my country's total import and export volume reached 5.48 trillion US dollars, a year-on-year increase of 31.3%; in the first three quarters, the contribution rate of net exports of goods and services to gross domestic product (GDP) reached 19.5%, driving GDP Growth by 2 percentage points. During the same period of, China's import and export volume to 14 other RCEP member countries was nearly 11 trillion yuan. In 2020, under the impact of the epidemic, ASEAN has historically become China's largest trading partner, with bilateral trade totaling more than $680 billion. Ministry of Commerce International Economic and Trade Relations Department Director Yu Benlin also said that RCEP is a strong grasp to stabilize foreign trade and foreign investment, the agreement has brought multiple positive effects, will further stabilize China's foreign trade and foreign investment base, promote industrial upgrading, stimulate market vitality. Yu Benlin stressed that RCEP will enhance the growth of mutual investment between China and other member countries. In the area of trade in services, all parties have made high-level openness commitments. In the field of investment, all parties have made commitments in the form of negative lists, and foreign investment access has been more relaxed, which has greatly improved policy transparency. Goods, services, and investment opening commitments are superimposed, trade and investment facilitation is guaranteed by the system, the industrial chain and supply chain will be more integrated, and regional investment will be more active. China has a complete range of industries, strong supporting capacity and high production efficiency, and has the potential to attract domestic and foreign enterprises to invest in China. According to Xinhua News Agency, RCEP came into effect as scheduled, which fully reflects the confidence and determination of all parties to jointly safeguard multilateralism and free trade and promote regional economic integration. It will contribute to regional and global trade and investment growth, economic recovery and prosperity. Make important contributions.
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