On January 1 this year, RCEP (Regional Comprehensive
Economic Partnership) came into effect.
RCEP was initiated by the ten ASEAN countries (Malaysia, Vietnam, Singapore, Thailand, Indonesia, the Philippines, Brunei, Laos, Cambodia and Myanmar) to establish a free trade agreement with a unified market by reducing tariffs and non-tariff barriers. At present, several countries including China, Japan, South Korea, Australia, and New Zealand are participating, making it the largest free trade zone in the world. Among them, most member states are also members of the Asia-Pacific Economic Cooperation Organization. In terms of trade in goods, the overall level of openness has reached more than 90%, accounting for about 30% of the total global trade. The total GDP involved in RCEP exceeds US$26 trillion.
After the agreement comes into effect, member states will do so
Reduce tariffs
30% of the goods in Cambodia, Laos and
Myanmar enjoy zero tariff treatment.
65% of the goods in other member states enjoy
zero tariffs.
Open market
Each country opens up at least 100 fields of market. Cambodia, Laos and Myanmar enjoy special treatment.
In RCEP, China is very important
Huge market
China accounts for about 65% of the
population, and GDP and foreign exchange reserves account for half of these
countries.
Strong capital
In 2018, China invested US$16 billion in 14
other countries and attracted US$14 billion in foreign investment in the region.
High-quality business environment
China's business environment has been
included in the world's top ten economies with the greatest improvement in the
optimized business environment for two consecutive years.
Huge technical strength
Help other developing countries build infrastructure and train professionals from all walks of life.
#chinasource #sourcechina
#chinaconstruction #construction
#chinaconstruction #Chinascaffolding
#suspendedcradle#swingstage
#ZLP #andamioscolgantes
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