China officially approves RCEP
According to the latest information, the Chinese Government has approved the content of the Regional Comprehensive Economic Partnership (RCEP) Agreement, an important step before the country's National Assembly officially ratifies it.
The above information was just announced by Mr. Wang Wentao - Minister of Commerce of China on the sidelines of the annual National Assembly session of this country on the afternoon of March 8.
Mr. Wang Wentao said that the Chinese government has officially approved RCEP and hopes that other countries will also speed up the process, so that at least 6 ASEAN member countries and 3 other countries can ratify the agreement to help it come into effect soon.
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According to the official, China is currently accelerating technical preparations related to RCEP implementation. So far, everything in the country is going “very smoothly,” including tariffs, certificates of origin, etc. Next, China will continue to exchange and connect with member countries to quickly bring the agreement into effect.
It is known that promoting the early entry into force and implementation of RCEP has been included in the Work Report of the Chinese Government, at the Fourth Session of the 13th National People's Congress of China, which opened on March 5. According to the roadmap, China is making efforts to be able to officially ratify this agreement around the end of May or early June.
According to Mr. Xu Ningning - Executive Chairman of the China - ASEAN Business Council, China is the country that has done the most preparation work before RCEP officially comes into effect among the member countries.
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| Linkages in RCEP. Illustration. |
As of January 2021, the problem“seize new opportunities brought by RCEP”has been clearly identified in the work reports of local governments at the two sessions of the CPPCC and the National People's Congress, also known as the "Two Sessions" held in many provinces and cities of China. According to data provided by Mr. Xu Ningning, the trade volume between China and the 14 RCEP member countries accounts for 31.7% of the country's total trade volume.
Following RCEP, China is also speeding up preparations for negotiations on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
According to the recent revelation of Mr. Vuong Thu Van - Deputy Minister of Commerce of this country, China has conducted in-depth assessment, research and analysis of all the terms of this agreement domestically.
Beijing has also had “informal contact” with some members of the agreement and plans to continue informal contact with other members, in order to understand and grasp more accurately the contents of the CPTPP./.
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