BEIJING: the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade deal, went into effect on New Year first, Saturday, January 2022. According to reports, after the agreement takes effect, more than 90% of merchandise commerce among countries who have accepted it will be subject to zero tariffs.
The RCEP will provide substantial benefits to member nations through improved trade regulations among signatories, simpler procedures, and expanded opening in the services-trade and investment sectors.
According to the Ministry of Commerce, China would fully implement the RCEP agreement's commitments and advise local governments, industries, and businesses on how to better take advantage of the opening-up potential. According to the Ministry, the government will work aggressively with other members to turn the RCEP mechanism into a major platform for East Asian economic and commercial cooperation.
China, Japan, the Republic of Korea, Australia, and New Zealand are all members of the RCEP. The entire population, gross domestic product, and commerce of the 15 states account for almost 30% of the global total.
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