Earlier this month, the Philippines formally deposited the instrument of ratification of the Regional Comprehensive Economic Partnership Agreement (RCEP) with the Secretary-General of ASEAN. According to RCEP regulations: the agreement will enter into force for the Philippines on June 2, 60 days after the date of deposit of the instrument of ratification. This marks that RCEP will take full effect for the 15 member countries, and the world's largest free trade zone will enter a new stage of full implementation.
As the largest source of imports and the third largest export market for the Philippines, China is the largest trading partner of the Philippines. After RCEP officially came into effect for the Philippines, it has had a considerable impact on China in all aspects.
In the field of trade in goods: On the basis of the China-ASEAN Free Trade Area, the Philippines has added zero-tariff treatment to my country's automobiles and parts, some plastic products, textiles and clothing, and air-conditioning and washing machines. After a certain transition period, the tariffs on the above-mentioned products will be gradually reduced from 3% to 0% to zero tariffs.
In the field of services and investment: The Philippines has committed to opening up the market to more than 100 service sectors, significantly opening up sea freight and air freight services.
In the fields of commerce, telecommunications, distribution, finance, agriculture and manufacturing: foreign companies are also given more definite access commitments, which will provide more free and convenient conditions for Chinese companies to expand trade and investment exchanges with the Philippines.
The full entry into force of RCEP will help expand the scale of trade and investment between China and RCEP member countries, not only meet the needs of domestic consumption expansion and upgrading, but also consolidate and strengthen the regional industrial chain supply chain, and can promote the long-term prosperity and development of the global economy.
Senghor Logistics is very happy to see such good news. Communication among RCEP members has become closer and trade exchanges have become more frequent. Our company's one-stop service to Southeast Asia can solve transportation problems for customers and give customers a perfect experience.
From Guangzhou, Yiwu and Shenzhen to the Philippines, Thailand, Malaysia, Singapore, Myanmar, Vietnam, Indonesia and other countries and regions, double customs clearance of sea and land transportation lines, direct delivery to the door. Arranging all procedures for China's export, receiving, loading, customs declaration and clearance, and delivery, customers without import rights can also do their small business.
We would like more customers to experience our service, please contact us!
Post time: Apr-18-2023
