RCEP boosts new development patterns and promotes cross-border e-com in China

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For China, the Regional Comprehensive Economic Partnership (RCEP) Agreement establishes a new dual-circulation development pattern in which the domestic market is the mainstay and the domestic and overseas markets are mutually strengthened by including a high level of openness. Promote. Increase member states’ commitment to both trade and investment.

According to official Chinese media, full implementation of the agreement will result in zero tariff treatment on nearly 30 percent of China’s exports. The Ministry of Commerce and Industry estimates that the agreement will also increase opportunities for Chinese companies to invest in relevant economies.

In 2020, China’s exports to RCEP member countries exceeded $ 700 billion, accounting for 27% of the country’s total exports. China’s imports from the RCEP region are worth about $ 778 billion, which is about 38 percent of the country’s total imports.

For China, the Regional Comprehensive Economic Partnership Agreement will facilitate the establishment of a new dual cycle development pattern that will enable domestic and international markets to strengthen each other, with the domestic market as the main force. Member countries of both trade and investment.

According to the Chinese media, the implementation of the RCEP agreement will also reshape the economic relationship between China and Japan, thanks to the formation of a direct free trade relationship between China and Japan.

Under the agreement, ASEAN member countries will significantly extend tax exemption to Chinese products.

Chinese companies will also be able to reduce import costs associated with advanced technology, key equipment, key parts, consumer goods, pharmaceuticals, medical equipment, and production services such as design, R & D, energy conservation, and environmental protection, and be able to respond domestically. Will be. Market needs for renewal of consumption.

According to experts, the implementation of RCEP will also bring a new wave of growth to China’s cross-border e-commerce sector.

Fiber2Fashion News Desk (DS)

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RCEP boosts new development patterns and promotes cross-border e-com in China

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