Regional Comprehensive Economic Partnership，RCEP

The total number of zero-tariff products in trade in goods exceeds 90%.
In order to ensure the smooth and effective implementation of the trade agreement, the current specific tax reduction models of RCEP member states basically include "reduction to zero immediately after the agreement takes effect", "reduction to zero during the transition period" (including reduction to zero within 10 years, etc.), and "partial tax reduction" And a small amount of "exceptional products" and other four categories.

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The "Regional Comprehensive Economic Partnership Agreement" (RCEP) was initiated by ASEAN in 2012 and lasted for eight years. Its members include China, Japan, South Korea, Australia, New Zealand, and the ten ASEAN countries.

On November 15, 2020, the Fourth Regional Comprehensive Economic Partnership (RCEP) Leaders’ Meeting was held on the 15th by video. After the meeting, the 10 ASEAN countries and 15 Asia-Pacific countries including China, Japan, South Korea, Australia, and New Zealand formally Signed the Regional Comprehensive Economic Partnership (RCEP).

The signing of the "Regional Comprehensive Economic Partnership Agreement" marks the official start of the free trade zone with the largest population, the largest economic and trade scale, and the most potential for development in the world.

Introduction to the Agreement
The Regional Comprehensive Economic Partnership Agreement is the largest and most important free trade agreement negotiation in the Asia-Pacific region. After being reached, it will cover nearly half of the world’s population and nearly one-third of the world’s trade volume, making it the world’s largest population and most diverse membership. Develop the most dynamic free trade zone.

Agreement meaning
On November 6, 2019, Deputy Minister of Commerce and Deputy International Trade Representative Wang Shouwen stated that the Regional Comprehensive Economic Partnership Agreement is a comprehensive, modern, high-quality, mutually beneficial free trade agreement. [19]
The "Regional Comprehensive Economic Partnership Agreement" (RCEP) covers a population of more than 3.5 billion, accounting for 47.4% of the world, gross domestic product accounting for 32.2% of the world, and total foreign trade accounting for 29.1% of the world. It is the world's most populous and most potential free trade District negotiations. Once reached, it will further promote the integration of industries and value chains in the region, and inject strong impetus into regional economic integration.
According to 2018 data, the population of the 15 RCEP member countries that have concluded negotiations as a whole reached 2.2 billion, GDP reached 29 trillion US dollars, exports reached 5.6 trillion US dollars, and attracted foreign investment flows of 370 billion US dollars, basically accounting for the global total. About 30% of the amount. After RCEP15 is completed, it will be the largest free trade zone in the world. If India joins after solving related issues, the scale will be further expanded. Completing the RCEP negotiations is conducive to sending out messages dedicated to building an open world economy and supporting the multilateral trading system, improving the environment for regional trade and investment, advancing the liberalization and facilitation of trade and investment, helping countries better meet challenges and strengthening the region The potential for future development will benefit the people of all countries in this region.