China Has Initiated The RCEP Domestic Approval Process

Yang Zhengwei, deputy director of the International Department of the Ministry of Commerce of China, revealed on the 16th that China has initiated the domestic approval process for the Regional Comprehensive Economic Partnership (RCEP) and will strive to complete the preparations for entry into force within six months. It is expected that the end of May 2021 or It will be approved in early June.
Yang Zhengwei stated at the RCEP exchange seminar held by the China Council for the Promotion of International Trade that day that RCEP will bring many benefits to China. On the one hand, RCEP members will implement zero tariffs on 90% of the products as a whole, and adopt very inclusive rules of origin accumulation, which will promote the growth of trade in goods in the region; in addition, the members of RCEP are involved in trade in services. Each chapter has made a very high level of commitment so far, which will also bring opportunities for the development of the service industry.
He said that RCEP will incorporate the construction of an open, fair and convenient business environment into the agreement, which will help RCEP members improve their ability and level of governance of the business environment, further enhance investors’ confidence in regional investment, and attract more investors. Many international capitals focus on this area. Based on these benefits, China will actively promote the effective implementation of RCEP as soon as possible.
“We look forward to all RCEP members working together to speed up the domestic ratification process and push the agreement to take effect next year, the sooner the better.” Yang Zhengwei said.
He said that China will actively connect RCEP with the business community so that companies can fully tap the opportunities contained in RCEP and better serve their business activities.