BUSINESS China to step up RCEP trade pact implementation

BUSINESS

China to step up RCEP trade pact implementation

Xinhua

07:50, December 03, 2020

The State Council, China's cabinet, has made arrangements to step up implementation of the Regional Comprehensive Economic Partnership (RCEP).

Aerial photo taken on July 30, 2020 shows a view of the Qinzhou terminal of the Beibu Gulf Port in south China's Guangxi Zhuang Autonomous Region. (Photo by Xu Zhiyan/Xinhua)

More work should be done to uphold free trade and open up new space for win-win cooperation, according to a statement released Wednesday after a State Council executive meeting chaired by Premier Li Keqiang.

The meeting, urging domestic work to ensure RCEP implementation, called for coordinated efforts to promote the opening-up of trade in goods and services, investment and other fields, along with higher standards and rules for trade and investment liberalization and facilitation, intellectual property protection, e-commerce, as well as economic and technological cooperation.

As much as 90 percent of intra-regional trade in goods will be made tariff free when the agreement get implemented. To properly implement the RCEP, the meeting urged measures for tariff reductions, simplified customs procedures, as well as unified and mutual recognition of product standards.

The meeting also demanded efforts to honor China's commitments on the foreign-investment negative list and all-round protection of intellectual property rights.

The meeting, which was held Tuesday, also passed the draft rules on government inspections.

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