‘China is ready’ to make RCEP trade deal tariff cuts
- Commerce Ministry says the country is prepared to meet its obligations when the pact comes into effect on January 1
- Implementation guidelines have been introduced for local governments and industries, it says
“[The deal will send] strong signals against unilateralism and trade protectionism, support free trade, and safeguard the multilateral trading system,” the ministry said in a statement.
It said China was ready to implement all 701 binding obligations, including tariff cuts and changes to rules on the origin of goods. It would also release implementation guidelines for local governments and industries, after conducting more than 600 training sessions for 166,000 Chinese businesspeople, trade officers and customs officials.
Signed by 15 countries in November last year, the RCEP is the world’s biggest regional trade deal and expected to link about 30 per cent of the world’s people and output.
It aims to remove tariffs on 91 per cent of goods, and standardise rules on investment, intellectual property and e-commerce among other trade practices. The deal is expected to eliminate a range of tariffs on imports within 10 years.