Beijing, Jan 1 (SocialNews.XYZ) The Regional Comprehensive Economic Partnership (RCEP) agreement, the world's largest free trade agreement, entered into force on Saturday.
After the agreement takes effect, more than 90 per cent of merchandise trade among members that have approved the agreement will eventually be subject to zero tariffs, Xinhua news agency reported.
With optimised trade rules among signatories, streamlined procedures and wider opening-up in the sectors of services-trade and investment, the RCEP will bring tangible benefits to the member countries.
China will fully implement the obligations of the RCEP agreement and guide local governments, industries and enterprises to better seize the opening-up opportunities, according to the Ministry of Commerce.
The country will work actively with other members to build the RCEP mechanism into a major platform for economic and trade cooperation in East Asia, the Ministry said.
The RCEP includes 10 ASEAN members, China, Japan, the Republic of Korea, Australia and New Zealand. The 15 states' total population, gross domestic product and trade all account for about 30 per cent of the world total.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
