The Regional Comprehensive Economic Partnership (RCEP) entered into force on January 1, 2022
2021-12-15
On Nov. 2, the regional comprehensive economic partnership agreement (RCEP) depositary institution ASEAN secretariat, issued a notice, announcing the Brunei, Cambodia, Laos, six ASEAN member countries such as Singapore, Thailand, Vietnam and China, Japan, New Zealand, Australia and other four ASEAN members have ASEAN secretary-general formally submitted for approval, to reach agreement. The RCEP will enter into force on January 1, 2022 for these ten countries.
When RCEP takes effect, it will eliminate tariffs on 91 percent of trade in goods between member countries, regulate investment standards, intellectual property rights protection, e-commerce and other trade activities, and promote the optimization of supply chains within the FTA. At a critical moment when the world is facing rising unilateralism and protectionism, the signing and entry into force of the RCEP agreement has injected new vitality into free trade and multilateralism. It will help deepen cooperation in regional textile and garment industry chains and supply chains. Opportunity and challenge coexist to Chinese textile.
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