Countries officially signed the RCEP instrument industry ushered in a new situation of trade

On November 15, 2020, a big news came and became the focus of attention of countries all over the world. After eight years of negotiations, the leaders of 15 countries, including China, Japan and Singapore, signed the RCEP agreement via video conference.

It is learned that RCEP generally refers to the regional Comprehensive Economic Partnership, and its member countries include Indonesia, Malaysia, the Philippines, Thailand, Singapore, Brunei, Cambodia, Laos, Myanmar, Vietnam, China, Japan, the Republic of Korea, Australia and New Zealand. The agreement covers the elimination of internal trade barriers, creation and improvement of a free investment environment, expansion of trade in services, protection of intellectual property rights, competition policy and other areas.
According to the agreement between the 15 countries will adopt the way of bilateral two bid for goods trade liberalization make arrangement, after the agreement comes into effect within the region more than 90% of trade in goods will eventually achieve zero tariff, and mainly immediately lower taxes to zero and lower taxes to zero for 10 years, is expected to make the RCEP free trade zone in a relatively short time all goods trade liberalization commitments.

The Ministry of Finance said that the successful signing of the RCEP plays an extremely important role in enhancing post-epidemic economic recovery and promoting long-term prosperity and development of all countries. Further acceleration of trade liberalization will bring greater impetus to regional economic and trade prosperity. The preferential benefits of the AGREEMENT will directly benefit consumers and industrial enterprises, and will play an important role in enriching choices in the consumer market and reducing trade costs for enterprises.

The signing of any agreement will ultimately return to economic development and benefits for the people. For China’s instrument and instrument industry, the signing of RCEP will greatly promote the “going out” and “bringing in” of China’s instrument and instrument industry, opening up a new situation of trade.
As a means and equipment widely used in industry, agriculture, scientific research and other fields for measurement, collection, analysis and control, instrument and meter products cover almost all fields of human activities. After decades of development, China’s instrument and instrument industry has formed a relatively complete product category, with a certain production scale and development capacity of the industrial system, the growth is very rapid, some products meet the domestic market demand, but also a large number of exports to the overseas market.

It is true that the us tariffs have put pressure on the profits of many exporters since the 2018 trade war began, but over the past year most have been actively seeking to diversify their markets to reduce the impact of the us tariffs.

This time, the most immediate benefit of the RCEP signing is the reduction of trade tariffs among the MEMBER countries of the AGREEMENT, making it easier for companies to invest and export goods and services abroad. For enterprises engaged in instrument and meter export trade, it is beneficial to increase product export, increase enterprise income, improve product competitiveness and expand overseas market.

In addition, due to the reduction of tariffs, instrument and meter products in the overall industrial chain of international cooperation and cooperation and more affordable, at the same time, international and domestic markets can more convenient exchange of needed goods, conducive to domestic enterprises import instrument and meter products to meet the demand.

This time, 15 countries have signed the RCEP. In the tariff commitment form of each country, the instrument and meter products involved include waveforms, spectrum analyzers and other instruments and devices used for electricity measurement or inspection. Testing machines and appliances for hardness, strength, compressibility, elasticity or other mechanical properties; Physical and chemical analytical instruments and devices (e.g., gas chromatograph, liquid chromatograph, spectrometer).
It is foreseeable that with the implementation of uniform rules of origin, customs procedures, inspection and quarantine, technical standards and other rules, the elimination of tariff and non-tariff barriers will gradually release the trade-creating effect of RCEP. As the second largest instrument and meter producer in the world, the competitiveness of China’s instrument and meter products will be further improved, benefiting more enterprises and consumers.

Post time: Dec-02-2020