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MOFCOM: Preparation for RCEP To Be Completed in 6 Months - China Legal News

Sun, 07 Feb 2021
Categories: China Legal Trends

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In January 2021, the Ministry of Commerce indicated that the domestic review and approval procedures for RCEP had been launched since last December and made smooth progress.

On Jan. 14, the Ministry of Commerce (MOFCOM) held a press conference, stating that the domestic review and approval procedures for the Regional Comprehensive Economic Partnership Agreement (RCEP) had been launched since last December and that it was progressing smoothly. Meanwhile, the preparation for the RCEP implementation is progressing steadily.

Gao Feng (高峰), the spokesman for the MOFCOM, said that China’s review and approval of the RCEP and preparations for its implementation will be completed within six months, covering the following aspects:

(1) revising the tariff rates and preparing for the implementation of the country of origin, to ensure China’s fulfillment of its tax reduction obligations after the RCEP comes into force;

(2) sorting out the list of obligations involved in the RCEP by various authorities to ensure the comprehensive fulfillment of all open measures and obligations under the RCEP;

(3) strengthening the training related to the RCEP implementation.

Contributors: Yanru Chen 陈彦茹

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