Let RCEP benefit enterprises faster and better

After the signing of RCEP, how relevant countries can jointly promote the early entry into force of the agreement has attracted much attention. The relevant provisions of the RCEP stipulate that at least 9 of the 15 members must approve the agreement to enter into force, including at least 6 ASEAN member states and at least 3 countries from China, Japan, South Korea, Australia and New Zealand.

At present, the members of RCEP are going through the domestic legal approval process, so that the agreement will take effect as soon as possible.

On January 18, the Ministry of Commerce held an online training course on the Regional Comprehensive Economic Partnership Agreement (RCEP). Minister of Commerce Wang Wentao pointed out in the opening video speech that all localities and departments should proceed from the overall economic and social development, fully understand the strategic, historical and practical significance of RCEP, and promote the implementation of RCEP as soon as possible. It is also necessary to continue to organize publicity training to make RCEP faster and better to benefit the majority of enterprises.

Wang Wentao expressed that RCEP should be used as an opportunity to promote high-level opening up, strive to expand regional trade and investment, stabilize the industrial chain and supply chain, and promote the formation of new advantages in international economic competition and cooperation. To give full play to the comprehensive effects of RCEP, all relevant departments must closely integrate the development strategy and actual needs of the region, closely integrate RCEP with the development of the region and this field, and participate in the joint construction of the “Belt and Road” to drive various market players. Fully integrate into the RCEP market.

Only when the free trade agreement is combined with the needs of the enterprise, can it be maximized if it truly benefits the enterprise. With the new crown pneumonia epidemic still spreading globally, the world economy is in serious recession, unilateralism, and protectionism are intensified, the signing of RCEP will help promote regional economic recovery and stimulate global economic growth.

In the field of service trade and investment liberalization, China has made high-level service trade liberalization commitments in RCEP, and it is the first time that China has included an investment negative list in an international agreement. Wang Shouwen, Vice Minister of Commerce and Deputy Representative of International Trade Negotiations, stated that the other 14 RCEP members are also important service investment cooperation target countries in China. They are responsible for manufacturing in the construction, transportation, logistics, medical, finance, R&D and other service sectors that China focuses on. We must also be good at tapping the potential of overseas markets, fully relying on the RCEP platform, and actively guiding companies to “go overseas” to open up markets, and to serve the “Belt and Road” strategy with high quality. Localities should compare my country’s new opening-up commitments and promote the implementation of manufacturing R&D, management consulting, elderly care services, professional design and other service commitments one by one, so that no new restrictions are added to the negative investment list.

“The global epidemic situation is still severe, and individual countries will have concerns about the industrial impact brought about by market openings, and industrial docking must be in the forefront.” Xu Ningning, executive director of the China-ASEAN Business Council, believes that the top priority is to actively promote the industries of various countries. Planning, industrial policies, and the docking of economic stimulus plans implemented by various countries during the epidemic. The industrial and commercial sectors of the 15 member states should take active actions to give full play to the role of chambers of commerce and industry associations in the construction of RCEP and promote industrial cooperation. In addition, some ASEAN countries have severe epidemics and poor logistics, restricting open markets. Chinese companies with conditions should actively support the fight against the epidemic and help them tide over the difficulties.

The reporter saw through combing the RCEP terms that in order to promote the balanced development of all members in the region, RCEP has set up two chapters on SMEs and economic and technical cooperation, aiming to promote countries to use the free trade agreement platform to strengthen the cooperation between SMEs and economic and technical cooperation. Support and investment to enable SMEs and developing economies to better share the results of RCEP. The SME Chapter aims to build a broader platform for SME cooperation and encourage them to use free trade agreements and economic cooperation projects created by the agreements to better integrate into the regional value stream and supply chain faster.



Source: China – ASEAN Business Council