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China Approves RCEP

2021-4-6 10:41:58

China has completed the approval of the Regional Comprehensive Economic Partnership (RCEP) Agreement, which makes it the first country to greenlight the agreement, said Yu Benlin, director-general of the Department of International Trade and Economic Affairs of the Ministry of Commerce (MOFCOM), at the second online training course on the RCEP organized by MOFCOM. Bai Ming, deputy director of the International Market Research Institute of MOFCOM, said this approval expresses China’s constructive role in facilitating the RCEP and shows other countries that China is determined to see the RCEP take shape as soon as possible, which is helpful in boosting the confidence of other member countries.

Thailand has also reportedly approved the agreement. All RCEP members have said they will approve the agreement by the end of this year and push for it to enter into force on January 1 next year. It is reported that the level of trade openness of RCEP will reach more than 90%.

Bai Ming said that regarding the approval of the agreement, the countries have different procedures. For example, some need government approval, some need to be passed by the parliament, etc. He pointed out that China, with the largest trade volume among RCEP members, is “taking a good lead” by being “the first to approve” the agreement. He said that China is responsible for and confident in RCEP, and hopes to see the agreement come into effect and benefit all countries as soon as possible.

He explained that for RCEP to enter into force, the approval of 6 out of the 10 ASEAN countries and 3 out of the 5 non-ASEAN countries are required. China’s attitude, therefore, can largely motivate other member countries. “Other member countries will also have more confidence in RCEP when they see China’s strong determination.” he said, “this is a good thing, but I hope that it will come with less setbacks, and benefit everyone soon.”

(Source: CCPIT/ www.chinatradenews.com.cn)

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