Ready to reduce tariffs once RCEP comes into force next year: China

China says it’s ready to reduce tariffs when the Asia-Pacific trade deal Regional Comprehensive Economic Partnership Agreement, or the RCEP, comes into force next year.

China expects the deal to significantly improve East Asia’s economic integration and wants full implementation as soon as possible, according to a statement of China Ministry of Commerce on Saturday. RCEP could fuel regional recovery, consolidate supply chains and promote economic development, it added.

The RCEP was seen as the biggest regional trade deal, signed by 15 nations in 2020 and encompassing almost a third of the world’s population and GDP. A minimum of six Asean countries in addition to three non-Asean partners must ratify RCEP for it to come into force. 

In the statement, China confirmed that 10 nations including Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, China, Japan, New Zealand and Australia ratified the RCEP earlier this month, while the rest are accelerating the ratification process.