Regional Comprehensive Economic Partnership will promote the further development of China-Japan textile trade

The Regional Comprehensive Economic Partnership Agreement is the largest and most important free trade agreement negotiation in the Asia-Pacific region and will cover nearly half of the world’s population and nearly one third of its trade volume, making it the world’s most populous, most member-made and most dynamic free trade area.
The official signing on November 15, 2020 means the birth of the world’s largest free trade zone. It is reported that the current attitude of all parties to promote the entry into force of RCEP is very positive, the agreement in six ASEAN countries and three non-ASEAN countries after ratification, can be implemented first. The Ministry of Commerce said the RCEP is expected to take effect by the end of the year.

Under the RCEP, Japan has pledged to gradually reduce tariffs on some commodities until they fall to zero after 15 years. Textiles are likely to be the most profitable sector of China’s main commodity exports to Japan. Most of the textile and garment categories previously faced import tariffs of about 8% to 11% from Japan.
This will increase the competitiveness of China’s outstanding textiles in the Japanese market and allow the Japanese people to use the cheap “Made in China” textiles.
Division I would also like to take this opportunity to cooperate with more Japanese importers to provide quality baby textiles.

Post time: Mar-19-2021