RCEP will further strengthen regional economic expansion despite COVID-19, they said.
About a quarter of Japanese exports to China and 57% of Chinese exports to Japan have become duty-free since January 1. The two figures will eventually reach 86% and 88% respectively, according to a report released by a Chinese government. controlled website.
Economic and trade cooperation between Japan and China is expected to grow thanks to the Comprehensive Regional Economic Partnership Agreement (RCEP), which entered into force in 10 of its 15 member economies on January 1, according to Chinese experts, who believe that this breakthrough will help with negotiations on the China-Japan-South Korea Free Trade Agreement.
“China and Japan already have strong economic and trade relations, thanks to their trade complementarity, and the prospects are even more promising with the implementation of the RCEP agreement,” said Bai Ming, deputy director of studies of international market at the Chinese Academy of International Trade and Economic Cooperation.
“The potentials of the geographic proximity of the two nations will be fully unleashed to strengthen economic ties and benefit businesses and individuals,” he said.
In the first half of 2021, the value of Sino-Japanese trade jumped about 24% year-on-year to exceed $ 181 billion. China exported more than $ 80 billion in goods to Japan during the period, up nearly 19%. Its imports from Japan rose nearly 28% to about $ 101 billion, according to China’s Ministry of Commerce.
Significant tariff reduction and elimination have been scheduled in most of the major trade sectors of the two countries.
This will result in a win-win situation, said Zhang Jifeng, vice president of the China Association for Japanese Economic Studies.
More products traded between China and Japan will become eligible for zero tariffs over time.
Producers of major Chinese export products to Japan, such as machinery, electronic equipment, textiles and clothing, will benefit from lower or zero tariffs.
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