RCEP comes into effect on first day of 2022

BEIJING: The Regional Comprehensive Economic Partnership (RCEP) agreement, the world's largest free trade agreement, entered into force on Saturday.

After the agreement takes effect, more than 90 per cent of merchandise trade among members that have approved the agreement will eventually be subject to zero tariffs, Xinhua news agency reported.

With optimised trade rules among signatories, streamlined procedures and wider opening-up in the sectors of services-trade and investment, the RCEP will bring tangible benefits to the member countries.

China will fully implement the obligations of the RCEP agreement and guide local governments, industries and enterprises to better seize the opening-up opportunities, according to the Ministry of Commerce.

The country will work actively with other members to build the RCEP mechanism into a major platform for economic and trade cooperation in East Asia, the Ministry said.

The RCEP includes 10 ASEAN members, China, Japan, the Republic of Korea, Australia and New Zealand. The 15 states' total population, gross domestic product and trade all account for about 30 per cent of the world total. (IANS)

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