Chinese customs fully prepares for the implementation of RCEP
Published: Dec 29, 2021 11:38 PM
Chinese customs Photo: VCG

Photo: VCG

Chinese customs said it has fully prepared for the implementation of the Regional Comprehensive Economic Partnership (RCEP), days ahead of the formal implementation for the largest trade agreement.

In terms of rules of origin and tariff concessions, the General Administration of Customs said on Wednesday that it has completed 38 specific tasks to ensure the full implementation of the rules of origin and the agreed tax rate, and established the shared information system of visa data and customs clearance data.

In terms of customs procedures and trade facilitation, the Chinese customs said it continues to improve clearance efficiency. Up to now, the regulatory documents that need to be verified in the import and export process have been streamlined, from 86 in 2018 to 41, a decrease of 52.3 percent.

In terms quarantine, the customs said it has sorted out the entry mechanism for agricultural products, promoted the export of high-quality agricultural products from China and strengthen the sharing of animal and plant epidemic information with RCEP members.

The RCEP is currently the world's largest free trade agreement. Its members include China, Japan, South Korea, Australia, New Zealand and 10 ASEAN countries. 

The total population, size of the economy and total trade volume of the 15 member countries account for the world's 30 percent. In 2020, the total value of China's trade to the other 14 RCEP members was 10.22 trillion yuan ($1.6 trillion), accounting for 31.7 percent of China's total imports and exports during the same period. 

From January to November this year, the total value of China's imports and exports to the other 14 RCEP members was 10.96 trillion yuan ($1.7 trillion), accounting for 31 percent of China's total foreign trade value.