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Textiles as one of the industries most affected by rcep agreements

Categories:Industry News
Author:David Deng
Origin:Suze Textile $ Clothing Co., Ltd.
Time of issue:2021-04-27 09:44
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(Summary description)

Textiles as one of the industries most affected by rcep agreements

(Summary description)

Categories:Industry News
Author:David Deng
Origin:Suze Textile $ Clothing Co., Ltd.
Time of issue:2021-04-27 09:44
Views:

Information

On 15 April, China formally deposited with ASEAN the instrument of approval of the Regional Comprehensive Economic Partnership Agreement (rcep), marking the formal completion of the rcep approval process by China and becoming the first member of the non-ASEAN countries to formally complete the approval process. At present, our country is vigorously promoting rcep implementing relevant technical preparations to ensure that the obligations of the Agreement can be fully fulfilled when it enters into force.

After the rcep comes into effect, nearly 30% of China's exports can achieve zero tariff treatment, and the export of foreign investment and services to China will bring opportunities. Wang Shouwen pointed out that this will also promote China's international high level of economic and trade rules, accelerate institutional opening, and promote the construction of a new system of a higher level of open economy.
First of all, China's competitive advantage of the industry, the advantages will be more obvious, but also promote the relatively weak competitiveness of the industry spontaneous transformation and upgrading. Within the 15-country-based region, China's regional central position as the supply chain of the industrial chain is expected to be further consolidated, especially as the regional production center for semi-finished products, parts and other intermediate products serving the internal market of the region
Secondly, the rcep has rich influence on different industries. Including textile, clothing, light industry, building materials, electronic equipment, agricultural products and other industries are expected to further benefit, auto parts, steel, petrochemical and other industries may be more competitive pressure, but will also promote the upgrading of related industries, improve production efficiency.

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