Meeting pledges to step up efforts on implementing RCEP

China will intensify domestic efforts for the Regional Comprehensive Economic Partnership to take effect and get implemented, to uphold free trade and expand win-win cooperation, the State Council executive meeting chaired by Premier Li Keqiang decided on Tuesday.

The recently signed RCEP is of great significance for participating countries to jointly tackle uncertainties in the international landscape, increase intra-regional trade and investment, stabilize industrial and supply chains, enhance people's well-being and facilitate China's high-level opening-up.

"The RCEP, as the largest global free-trade agreement, brings benefits to all participating countries and serves as the most effective way to guard against uncertainties," Li said.

Attendees at the meeting called for the acceleration of domestic ratification procedures. Openness will be stepped up in areas including trade in goods, trade in services, investment and the flow of personnel, and higher standards will be applied in terms of trade and investment liberalization and facilitation, intellectual property rights protection, trade remedies, e-commerce, government procurement, small and medium-sized enterprises and economic and technical cooperation.

As much as 90 percent of intra-regional trade in goods will be made tariff-free when the agreement is implemented. Policy measures will be swiftly formulated in terms of tariff concessions, simplified customs clearance procedures, technical preparations for rules of origin and harmonization and the mutual recognition of product standards. Customs clearance within six hours will be made possible for express delivery and perishable goods.

The overall openness of trade in services pledged in the agreement is significantly higher than that in any other existing free-trade agreements among the participating countries. Opening-up measures in various service sectors will be drafted and implemented step by step in line with the new commitments.

A negative list on foreign investment will be delivered as pledged, and no additional restrictions outside the list will be imposed.

"As a participating country, China must make active efforts for the agreement to come into effect. This will demonstrate China's support for openness, multilateralism and free trade," Li said.

The meeting also decided on steps to strengthen outreach and training with regard to localities, business associations and enterprises, in order to familiarize all sides and develop a deeper understanding of the opportunities and challenges brought by opening-up and competition on a larger scale and with higher standards.

wangkeju@chinadaily.com.cn