Xinhua
13 Jan 2022, 21:36 GMT+10
BEIJING, Jan. 13 (Xinhua) -- Starting from Feb. 1, China will adopt the tariff rate it has pledged under the Regional Comprehensive Economic Partnership (RCEP) agreement on selected imports from the Republic of Korea (ROK), a statement released by the Customs Tariff Commission of the State Council said Thursday.
The move will come on the same day as the RCEP deal comes into force for the ROK, said the statement. The ROK has recently deposited its instrument of approval to the Secretary-General of ASEAN, who is the depositary of the RCEP agreement.
For the years after 2022, annual tariff adjustments as promised in the agreement will take effect on the first day of each year.
The ROK's RCEP implementation would further bolster regional economic and trade cooperation and bring mutual benefits to all RCEP members, added the statement.
As the world's largest free trade agreement, the RCEP agreement entered into force on Jan. 1. After it takes effect, more than 90 percent of merchandise trade among members that have approved the accord will eventually be subject to zero tariffs.
The RCEP was signed on Nov. 15, 2020, by 15 Asia-Pacific countries -- ten members of the Association of Southeast Asian Nations and China, Japan, the Republic of Korea, Australia, and New Zealand -- after eight years of negotiations that started in 2012.
Get a daily dose of Asia Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Bulletin.
More InformationMOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...