NEWS
SMEs benefit from RCEP
2021-09-15
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On January 1, the "Regional Comprehensive Economic Partnership" (RCEP) came into effect, marking the launch of the world's largest free trade agreement, injecting new vitality into the economy and trade in the Asia-Pacific region, and ushering in a new round of development for foreign trade companies. opportunity.
PricewaterhouseCoopers estimates that by 2030, RCEP will generate additional revenue worth US$186 billion for the global economy, with China's annual exports increasing by US$248 billion and annual revenue by US$85 billion.
More importantly, with the accelerated pace of global economic recovery, SMEs will have more opportunities to integrate into regional value chains after the RCEP takes effect. More than 90% of the trade in goods between RCEP member countries will eventually achieve zero tariffs, which will further help member companies, including Chinese companies, reduce costs and enhance competitiveness.
Jiang Qian, President of UPS China, said, "RCEP will bring many benefits to Chinese enterprises, especially small and medium-sized enterprises. Not only that, RCEP will also further strengthen the existing supply chain while building a new regional supply chain." According to the original RCEP According to the rules of origin accumulation, when a certain proportion of raw materials from other member states is used in the production process, enterprises can apply for a unified RCEP certificate of origin and enjoy more preferential tariff rates. This means that when companies in different countries and regions conduct cross-border trade, only one trade rule is required, which greatly simplifies the process and improves efficiency.
Taking Sino-Japanese trade as an example, in Jiang Qian's view, the entry into force of RCEP marks the realization of free trade between China and Japan; enterprises of the two countries will gradually enjoy tariff reductions and exemptions in many industries. For example, China will gradually reduce tariffs on Japanese auto parts. and other goods, China will eventually increase the proportion of tariff-free products to Japan from the current 8% to 86%. On the other hand, Japan will withdraw tariffs on 56% of China's agricultural products. In the future, China, South Korea, Japan and Vietnam will gain more trade opportunities in textiles and footwear, electronics including telephones, office equipment and broadcasting equipment, and auto parts.
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