On September 25th, the 4th Ministerial Conference since the entry into force of the Regional Comprehensive Economic Partnership (RCEP) was held in Kuala Lumpur, the capital of Malaysia. The conference discussed ways to strengthen the implementation of RCEP amid the current global economic situation to support free trade and the rules - based multilateral trading system. It also committed to refraining from any measures inconsistent with the obligations under the RCEP agreement, safeguarding an open, free and rules - based market, eliminating unnecessary trade barriers, and enhancing trade and investment facilitation.
A relevant official from China's Ministry of Commerce attending the conference stated in his speech that the process of regional economic integration is currently confronting unprecedented major challenges and uncertainties. All parties to RCEP should adhere to multilateralism to fully consolidate the momentum of economic cooperation in the Asia - Pacific region, uphold openness and inclusiveness to actively build a stable and diversified cooperation platform, and keep pace with the times to continuously tap the potential of regional free trade cooperation, so as to bring tangible benefits to enterprises and people of all parties.
Indeed, in the three years since its official implementation, RCEP has played a crucial role in promoting trade and investment among its 15 member states and strengthening cooperation in industrial and supply chains. By reducing tariff and non - tariff barriers, RCEP has boosted intra - regional trade growth. The Rules of Origin Cumulation has made enterprises more inclined to source goods within the region and flexibly arrange industrial chains there, thus providing more development opportunities for enterprises of all member states.
Gu Jinyan, Sales Manager of Tai Tai Industrial (Changshu) Food Co., Ltd., told reporters that after RCEP took effect, Japan's tariffs on quick - frozen vegetables have been decreasing year by year, and customers' willingness to purchase has also significantly increased. "The RCEP Certificate of Origin not only reduces the import costs for customers but also improves the efficiency of order delivery." In accordance with RCEP rules, fresh and perishable products can complete customs clearance among member states within 6 hours, and other general air - transported goods can usually be released within 48 hours after arrival.
NGK (Suzhou) Environmental Ceramics Co., Ltd., a manufacturer of honeycomb ceramics, has also reaped benefits from RCEP. Since the implementation of RCEP, the company's import tariffs have been reduced by 0.4% every year. "Tariffs were cut by about 2.3 million yuan in the first year, and this year's tariff reduction is expected to exceed 9 million yuan," calculated the company's customs manager. Since the beginning of this year, the value of the company's imported goods enjoying preferential treatment under RCEP has reached 230 million yuan, with tariff concessions amounting to 3.15 million yuan.
Under RCEP's tariff reduction plan, tariffs on more than 90% of products in the region will be gradually reduced to zero. Recently, data released by the China Council for the Promotion of International Trade (CCPIT) showed that in August, the visa value of RCEP Certificates of Origin issued by the national CCPIT system reached 872 million US dollars, a year - on - year increase of 26.85%; the number of visas issued stood at 29,500, a year - on - year rise of 26.29%. Wang Guannan, Spokesperson of CCPIT, noted that the substantial double growth in both the value and quantity of preferential Certificates of Origin fully indicates that a large number of foreign trade enterprises are actively expanding into diverse markets, optimizing their product mix, and effectively meeting international market demand through high - quality supply.
RCEP not only enables foreign trade enterprises to enjoy the policy dividends of tariff reductions and lower trade costs but also exerts a growing impact on ordinary consumers. Thai durians and mangosteens, New Zealand milk powder and apples, Vietnamese nuts, Japanese fruit cereal, and other imported goods are increasingly appearing on supermarket shelves and residents' shopping lists. Ordinary consumers are thus enjoying the convenience of purchasing imported products in their daily lives.
As the largest economy within RCEP, China has always been an active promoter of the high - quality implementation of RCEP. It has taken concrete actions to safeguard the multilateral trading system and build an open world economy. Undoubtedly, the sound development of RCEP is of great significance for deepening regional economic integration and stabilizing the global economy. With the inherent stability and long - term growth potential of regional development, RCEP has become a powerful force in addressing the uncertainties in the international economic and trade environment. It is believed that this force will continue to play an even more significant role in the future.
