China Gets Ready to Implement RCEP Agreement

The State Council pointed out at its executive meeting on 3 February that stepping up domestic efforts for the implementation of the Regional Comprehensive Economic Partnership (RCEP) Agreement is an important step to expand opening-up and advance reform. To date, legal review of the provisions and formulation of a conversion plan for the tariff concession commitment schedule on trade in goods have been completed. Substantive progress has been made in technical preparations for implementing the cumulation provisions of the rules of origin, and as much as 85% of the 701 binding obligations stipulated in the agreement are ready to be enforced. The meeting also highlighted that going forward, efforts should be made to fully understand that implementing the cumulative rules of origin will help lower the threshold for enjoying tariff concessions, adapt to the new circumstances of a more open environment and greater competition following the implementation of the agreement, and provide more training regarding RCEP implementation.

Source: State Council