China, Philippines To Implement RCEP Tariffs

BEIJING, May 16 (Xinhua) — China will adopt the tariff rates it pledged under the Regional Comprehensive Economic Partnership (RCEP) agreement on certain imports from the Philippines on June 2 this year, the Customs Tariff Commission of the State Council has said.

   The annual rates for subsequent years will be implemented on Jan. 1 each year.

   The move means that by June 2 this year, the RCEP agreement will be in effect for all 15 members.

   The RCEP agreement was signed on Nov. 15, 2020, by 15 countries in the Asia-Pacific region — 10 members of the Association of Southeast Asian Nations, China, Japan, the Republic of Korea, Australia and New Zealand — after eight years of negotiations, which started in 2012.