Another step forward! Japan's cabinet approves RCEP trade agreement bill

Since the Regional Comprehensive Economic Partnership (RCEP) was officially signed on November 15 last year , when the RCEP agreement can be officially implemented has become a major issue that many people are paying close attention to.

Yesterday, the Japanese Cabinet approved a bill on the Free Trade Agreement ( FTA), which formally approved the Free Trade Agreement (RCEP Agreement) signed by 15 Asia-Pacific countries last year .

Japanese Trade Minister Hiroshi Kajiyama said at a press conference that the approval of the bill marked an important step for Japan in the RCEP agreement.

As a "super free trade zone" with a total population, economic size and total trade accounting for about 30% of the global total, the RCEP Free Trade Zone will become the world's largest free trade zone and the "foundation of Asian trade" once established .

Once this "super free trade zone" is established, tariffs on 91% of goods will be abolished , and standardized rules will be implemented in areas such as trade in goods, trade in services, cross-border investment , trade facilitation, intellectual property rights, e-commerce, and competition policy .

For sellers, logistics and tariffs have always been a headache for them.

Once the RCEP agreement is implemented, tariffs between member countries will be reduced to zero within ten years, which will undoubtedly greatly reduce the cost of sellers' products.

In addition, customs procedures and bonded policy payments will also greatly improve the timeliness of logistics and further reduce transportation costs.

The trade agreement was signed in November last year , but has not been implemented because according to the rules of the agreement, RCEP will only be officially implemented if at least six of the 10 ASEAN countries and at least three of the five non-ASEAN partner countries complete the approval procedures of their respective legislative bodies.

At present, the Japanese cabinet has passed the bill of the agreement, but it still needs the final approval of the Japanese parliament! In this regard, the Japanese Minister of Trade also said : "In order to establish an ideal economic order in the region through the steady implementation of this agreement, I hope that the parliament will approve this agreement as soon as possible."

It is hoped that all RCEP members will be able to fulfill their domestic legal approval procedures as soon as possible to allow RCEP members that have obtained "birth certificates" to give birth safely.

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