From February 1st, my country will implement the RCEP agreement tax rate for South Korea!

In 2021, China's import and export scale will exceed 6 trillion US dollars for the first time.

On January 13, in accordance with the relevant provisions of the "Regulations of the People's Republic of China on Import and Export Tariffs" and the "Regional Comprehensive Economic Partnership Agreement" (RCEP), as well as the entry into force of the RCEP in South Korea, from February 1, 2022, China will impose a Some imported goods in Korea are subject to the RCEP agreement tax rate

The ASEAN Secretariat, the custodian of the Regional Comprehensive Economic Partnership (RCEP), recently issued a notice that South Korea has formally deposited an approval letter with the ASEAN Secretary-General

Specifically:

epoxy resin

(1) Polyacetal, other polyethers and epoxy resins in primary form; polycarbonate, alkyd resin, polyallyl ester and other polyesters in primary form

Tariff No.

(2) Paints and varnishes (including enamels and lacquers) based on synthetic polymers or chemically modified natural polymers, dispersed or dissolved in aqueous media:

Serial No.

(3) Modulated glues and other prepared adhesives not listed in other tax items; products suitable for use as glues or adhesives, the net weight of each retail package shall not exceed 1 kg:

Serial No.

coating

(4) Other paints and varnishes (including enamels, lacquers and water-based paints); water-based pigments for leather processing:

Serial No.

(5) Pickling agent for metal surface; flux and other auxiliary agents for welding; solder powder or solder paste made of metal and other materials; products used as electrode core or electrode coating:

Serial No.

Serial No.

Titanium dioxide

(6) Titanium dioxide content of 80% or more on a dry matter basis:

Serial No.

Serial No.

polyester

(7) Paints and varnishes (including enamels and lacquers) based on synthetic polymers or chemically modified natural polymers, dispersed or dissolved in non-aqueous media; solutions described in Note 4 to this chapter:

Serial No.

Bisphenol A

Serial No.

In addition, the agreed tariff for ethylene oxide is 5%, the agreement tariff for superplasticizers is 5.

From January 1, 2022, within the scope of China's accession to the World Trade Organization, the import and export tariffs of some commodities will be increased

Among them, for liquefied propane, liquefied butane, ethylene, propylene, acrylonitrile, adiponitrile, etc.

In addition, PC, phenol ketone, caprolactam and other products are subject to zero tariffs
.

After the RCEP agreement takes effect, more than 90% of the trade in goods in the region will eventually achieve zero tariffs, and most product tariffs will be reduced to zero immediately or gradually reduced to zero within 10 years.
Enterprises and consumers of some member states can benefit in a relatively short period of time.
The level of liberalization of regional trade in goods will be significantly improved
.

On January 1, 2022, the first batch of countries where RCEP will take effect include the six ASEAN countries including Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam, and four countries including China, Japan, New Zealand, and Australia
.
South Korea will take effect on February 1, and the remaining members will also take effect one after another after completing the domestic approval process
.

RCEP is a multilateral trade agreement involving 15 ASEAN countries and five non-ASEAN countries (China, South Korea, Australia, Japan, New Zealand), covering one-third of the world's gross domestic product (GDP), population and trade scale
.
As one of the higher-level free trade agreements in the world, the rules of origin involved in RCEP also have the characteristics of diversification and standardization, and are advanced, flexible and innovative
.
Among them, South Korea's exports to RCEP member countries accounted for half of the total exports
.
With the entry into force of RCEP in South Korea, South Korea and Japan will establish bilateral free trade relations for the first time
.

At the same time, RCEP is also the first time that China, Japan and South Korea, the heavyweight countries in Northeast Asia, have come together through a trade agreement, which is of epoch-making significance both politically and economically.
Through the supply chain in the region, it can also give Enterprises from the three countries have brought huge economic benefits
.
For example, 86% of the tariffs on industrial products exported from Japan to China will be cancelled; and 92% of the tariffs on industrial products exported from Japan to South Korea will be cancelled, while the current ratio is only 19%.

.

In fact, this move will also make the trade exchanges between the three major economies closer, and is expected to form a large market between China, Japan and South Korea, and cultivate and release new growth points and open benefits for regional trade and investment
.

According to customs statistics, in 2021, the import and export of China's intermediate products will increase by 24.
9% and 28.
6% respectively, and the import of consumer goods will increase by 9.
9%
.
At the same time, in the first three quarters of 2021, the contribution rate of net exports of goods and services to gross domestic product (GDP) reached 19.
5%, driving GDP growth by 2 percentage points
.
This also shows that China's more open market allows the world to share more of the dividends brought by China's economic growth and consumption boom
.
Customs statistics show that in 2021, China's comprehensive sleep zone, free trade pilot zone, and Hainan free trade import and export will increase by 24.
3%, 26.
4% and 57.
7%, respectively, showing a booming development trend
.
In terms of emerging trade formats, the scale of China's cross-border e-commerce and market procurement has expanded rapidly.
In 2021, China's cross-border e-commerce import and export scale will reach 1.
98 trillion yuan, an increase of 15%; market procurement exports will increase by 32.
1%
.

It can be seen from the data that China's import and export of goods trade has grown considerably, which fully demonstrates the great achievements of China's reform and opening up in the new era
.

At the global level, the impact of RCEP on the regional economy is assessed.
By 2035, RCEP will drive the world's real GDP and import and export trade to increase by 0.
12% and 2.
91%, respectively, compared with the baseline scenario
.
For China, the entry into force of RCEP will promote the growth of import and export trade in China's key industries such as agriculture, light industry, textiles, automobiles, machinery, electronic information, and petrochemicals, and bring opportunities for the development of enterprises
.

However, RCEP also means challenges for Chinese companies
.
After RCEP takes effect, the flow of factors within the region will be more convenient.
On the one hand, it will accelerate the transfer of labor-intensive industries to low-cost regions in Southeast Asia.
On the other hand, technology-intensive products from Japan and South Korea will bring greater benefits to Chinese companies.
competition
.

For example, in high-tech industries, China will face new challenges mainly from Japan and South Korea
.
Some market participants believe that China's market competition in petrochemical, machinery, electronic information, automobile and other industries will further increase
.
All this requires Chinese companies to further enhance their competitiveness in technology
.