RCEP members to accelerate conversion of tariff regulations

[PHOTO BY SHI YU/CHINA DAILY]

Members of the Regional Comprehensive Economic Partnership (RCEP) said they will accelerate the completion of the conversion of tariff regulations to make sure the implementation of tariff reduction runs smoothly during a ministerial meeting in Indonesia on Monday, according to the Ministry of Commerce.

Li Fei, vice-minister of commerce, said during the meeting that the effective implementation of the RCEP for all members is of great significance in promoting trade and investment growth, and maintaining the security and stability of regional industrial and supply chains.

China hopes that all member countries could accelerate the discussions about the procedures of new members' joining of the pact, and reach an agreement as soon as possible to prepare for other economies to join the agreement, Li said.

The meeting approved the responsibilities of the RCEP secretariat organization, and thus will help promote its operation before January 1, 2024. The meeting also instructed the RCEP joint committee and its subsidiary bodies to carry out their work to ensure the transparency, smooth and effective implementation of the agreement.

The RCEP agreement is comprised of 15 member states, including the 10 Association of Southeast Asian Nations member countries, China, Japan, the Republic of Korea, Australia and New Zealand. It went into effect on Jan 1, 2022, with the aim of gradually eliminating tariffs on over 90 percent of goods traded among its members.