Posted By:Leisure Touch | May 26,2021
On April 15, Xijun Deng, China's ambassador to ASEAN, formally deposited the letter of ratification for the Regional Comprehensive Economic Partnership (RCEP) to the ASEAN Secretary-General Yuhui Lin. This marks that China has officially completed the RCEP approval process, becoming the first non-ASEAN country to officially complete the approval process. The current expected progress is that the main tariff reduction schedule for trade in goods and the conversion of the commitment schedule have been completed.
All RCEP averages indicate that the agreement will be approved before the end of this year, pushing the agreement to take effect on January 1 next year.
For our export companies, the most direct benefit is the reduction of tariffs. Once the RCEP agreement comes into effect, more than 90% of the goods trade in the region will eventually achieve zero tariffs, and the taxes on major products will be reduced to zero immediately or within 10 years.
Meanwhile, member states of RCEP are Leisure Touch strategic market, such as Malaysia, Australia and Vietnam.
Leisure Touch pursues advanced garden furniture design, we believe that we can provide you with the latest international trend of the sofa set, dining set, sun lounger, bar set and accessories. We are also confident that the brushed aluminum will be a great potential feature in garden furniture, which is also recognized by our customers.
Lecong, Foshan, China
