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Dec 17,2021

RCEP will take effect next year, and nearly 30% of China’s freight forwarders’ exports will achieve zero tariffs

It is learned that the Ministry of Commerce announced on November 3 that from January 1 next year, the Regional Comprehensive Economic Partnership Agreement (RCEP) will come into effect. When China agent shipping trades with other RCEP members, the applicable tariff rate will be further reduced.

 

After the implementation of the regional comprehensive economic partnership agreement tariff concession, my country and Japan will reach a tariff concession arrangement for the first time.

 

In the first year of the implementation of the tax reduction, 24.9% of China's imports from Japan will achieve zero tariffs; for Japan's imports from China, 55.5% of the tariffs will be reduced to zero.

 

In addition, my country, Australia, New Zealand, Brunei, Cambodia, Laos, Singapore, Thailand and other six ASEAN countries under the framework of RCEP, the proportion of zero-tariff products reached 64.7%, 65% and 66.8%, which will benefit the member states. Consumers will also bring market opportunities for enterprises.

 

air supply logistics

 

RCEP tax reduction model:

 

Air supply shipping tax reduction models mainly include four types: the agreement will be reduced to zero immediately after the agreement takes effect, the transition period will be reduced to zero, partial tax reductions and exception products. The transition period is mainly 10 years, 15 years and 20 years.

 

1. The agreement goes into effect and immediately drops to zero

It means that in the first year of the agreement's entry into force for a party, the originating goods immediately implement zero tariffs.

 

2. The transition period is reduced to zero

It means that the tariff rate of originating goods is reduced to zero after a transitional period of linear or non-linear reduction from the date of entry into force of the agreement for a contracting party.


Shipping From China To USA

3. Partial tax cuts

It means that the tariff rate of original goods is reduced to a certain extent, but it does not fall to zero in the end.

 

4. Exceptional products

Refers to products that are exempted from any reduction or cancellation of tariff commitments after the agreement takes effect. In the published RCEP Tariff Commitment Table, the agreed tariff rates for this type of goods are all indicated by the letter "U".

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