RCEP (II)

According to the United Nations Conference on Trade and Development, low tariffs will stimulate nearly $17 billion in trade among RCEP members and attract some non-member countries to shift trade to member States, further promoting nearly 2 per cent of exports between member States, with a total value of about $42 billion. Point out that East Asia “will become a new focus of global trade.”

In addition, German Voice Radio reported on January 1 that with the entry into force of RCEP, tariff barriers between States parties have been significantly reduced. According to the Ministry of Commerce of China, the proportion of immediate zero-tariff products between China and ASEAN, Australia and New Zealand is more than 65 percent, and the proportion of products with immediate zero tariffs between China and Japan reaches 25 percent respectively, and 57%.RCEP member states will basically achieve 90 percent of the zero tariffs in about 10 years.
Rolf Langhammer, an expert at the Institute of World Economics at the University of Kiel in Germany, pointed out in an interview with Voice of Germany that although RCEP is still a relatively shallow trade agreement, it is huge and covers a number of big manufacturing countries. “it gives Asia-Pacific countries the opportunity to catch up with Europe and achieve the size of intraregional trade as large as the EU internal market.