What Actual Benefits will the RCEP Provide?
2022-01-19 14:07:38
On January 1 of 2022, RCEP, namely the Regional Comprehensive Economic Partnership agreement, came into force officially. It's the largest free trade area in the world, which covers 15 member countries.
Export-oriented businesses will be able to purchase cheaper raw materials from those member countries and will be imposed lower tariff to expand their exports. Besides, it will promote uniform rules among member countries in terms of investment, customs procedures and so on. In doing so, it will save a lot of time and cost of the enterprises. For ordinary people, we can buy stuff, such as appliances and electronics from Japan, from the member countries at a much cheaper price than before. And people-to-people exchange among these countries will be more convenient. In the future, these member countries will be more closely linked and gain concrete benefits from this agreement.
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Export-oriented businesses will be able to purchase cheaper raw materials from those member countries and will be imposed lower tariff to expand their exports. Besides, it will promote uniform rules among member countries in terms of investment, customs procedures and so on. In doing so, it will save a lot of time and cost of the enterprises. For ordinary people, we can buy stuff, such as appliances and electronics from Japan, from the member countries at a much cheaper price than before. And people-to-people exchange among these countries will be more convenient. In the future, these member countries will be more closely linked and gain concrete benefits from this agreement.
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