As member states and their enterprises have become proficient in using the rules of the RCEP Agreement, RCEP’s role in stimulating regional trade has been fully demonstrated. Which products from countries in the RCEP area are subject to zero tariffs?
More than 90% of goods trade in the RCEP area will eventually have zero tariffs in advance, mainly immediately, and taxes will be reduced to zero within 10 years. Judging from the specific enjoyment products that companies focus on, the details are as follows:
1. Brunei.
Based on the China-ASEAN Free Trade Agreement, tobacco, carpets, bedding, shoes, fans, air conditioners, refrigerators, washing machines, vacuum cleaners, water heaters, televisions, circuits, lights, wires, furniture, etc. China’s commitment to increase tariff-free products.
2. Thailand.
On the basis of the China-ASEAN Free Trade Agreement, China has added zero-tariff product commitments to paper products, sandstone, imitation jewelry, copper, liquid pumps, motors, transformers, flashlights, and wires.
3. Cambodia.
Based on the China-ASEAN Free Trade Agreement, chicken, vegetables, fruits, seaweed, some foods, tobacco, chemicals, dyes, plastic products, rubber, leather, chemical fibers, shoes and boots, steel and aluminum products , industrial machinery and equipment, some electromechanical equipment, automobiles and parts and components have made commitments to increase zero-tariff products in China.
4. Laos.
According to the China-ASEAN Free Trade Agreement, live fish, sugar cane, wine, automobiles, etc. have added zero-tariff product commitments to China.
6. South Korea.
On the basis of the China-Korea Free Trade Agreement, deer antler, dextrin and other products have promised to increase China’s zero-tariff products. China will also commit to increasing zero-tariff products to South Korea, such as textiles and stainless steel products, based on the China-Korea Free Trade Agreement.
7. Japan.
Japan is China’s largest exporter of agricultural products. China and Japan reached an agreement on tariff reduction and exemption for agricultural products for the first time. Japan’s zero-tariff commitment covers most seafood, fruits and vegetables, tea and processed foods.
8. Malaysia.
On the basis of the China-ASEAN Free Trade Area, Chinese companies can obtain new tariff reductions and exemptions for processing aquatic products, cocoa, cotton yarn and fabrics, chemical fibers, stainless steel, some mechanical equipment and parts.
9. Indonesia.
On the basis of the China-ASEAN Free Trade Area, more than 700 new tax code products have been granted zero-tariff treatment, including some auto parts, motorcycles, televisions, clothing and shoes, plastic products, Luggage, chemical products, etc.
10. China.
On the basis of the China-ASEAN Free Trade Agreement, China has also increased its commitment to zero-tariff products from ASEAN countries, such as pineapple juice, canned pineapple, coconut juice, some chemical products, paper products, diesel engines and Some auto parts.
Many foreign trade companies have clearly felt the competitiveness brought by RCEP, which is a “real money” policy dividend. However, we need to be vigilant that the redefined rules of RCEP are likely to increase or weaken the region’s original advantages, leading to a new round of investment and trade diversion. Some of China’s mid-to-high-end industries may be subject to competition from Japan and South Korea.