RCEP: CHINA SAYS WORLD’S LARGEST TRADE PACT GIVES IT ‘POWERFUL LEVERAGE’ TO COPE WITH 2022 CHALLENGES
The Regional Comprehensive Economic Partnership, which has just entered into force for almost all of its 15 members, accounts for 1/3 of the world’s population, the SCMP argues. More than 90% percent of trade in goods between RCEP members will eventually be subject to zero tariffs under the new trade bloc. As of now, tariffs on more than 65% of China’s trade in goods with the ASEAN area, Australia and New Zealand are expected to reach zero under the RCEP agreement.
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