Business· Markets

China’s foreign trade to be further boosted by RCEP rules

minutes 2021/03/01 03:52:17

Mar 01, 2021 (China Knowledge) - The Regional Comprehensive Economic Partnership (RCEP) is looking to add new rules of origin, which would subsequently boost China’s foreign trade and outbound direct investments.

An added benefit of this new RCEP would be that a Chinese firm that exports shoes to South Korea would not need to pay tariffs, but on the special condition that the raw material from China, South Korea, Indonesia and Thailand constitutes 40% of the final makeup of the shoe.

The RCEP would help all parties involved, and China has 19 free trade agreements (FTAs) and 26 free trade partners. This could increase the foreign trade volume from 27% to 35%.

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