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RCEP Brought Mass Benefits to Rimemo

Time: 2022-04-24  Source:   Author: Thomas Y

What is RCEP?

RCEP (Regional Comprehensive Economic Partnership) is the largest free trade agreement in the world, which entered into force on January 1, 2022.
It is a modern, comprehensive, high-quality and mutually beneficial large-scale regional free trade agreement. RCEP was initiated by 10 ASEAN countries (Indonesia, Malaysia, the Philippines, Thailand, Singapore, Brunei, Cambodia, Laos, Myanmar and Vietnam) to establish a unified free market through tariff and non-tariff barriers.
The main contents of RCEP?
 Over 90% of goods traded between approved members will eventually be tariff-free, with tax reductions to zero immediately or zero within 10 years. Countries will be able to fulfill their commitments on goods trade liberalization in a relatively short period of time.
The huge East Asia + Southeast Asia + Australia and New Zealand markets will break down tariff barriers.
RCEP and other existing free trade zones in the region complement and reinforce each other.
How to influenced to Rimemo?
When we export to RCEP countries, the local countries will not charge high tariffs, which leads to reduce the import costs significantly. Thus our products do have higher price advantages.
 The ASEAN market is further opened. Since RCEP was implemented in January 2021, our company's magnet products have been exported to RCEP countries for totally 4 times, 19,960 sets . Up 23% year-on-year than last year.
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