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New Year's Day RCEP takes effect! 2022.01/03

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 


#ZLP #andamioscolgantes    



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