RCEP Brought Mass Benefits to Rimemo
► 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. |
