Home Knowledge China Foreign Investment in China General Information RCEP Agreement Officially Signed
In terms of trade in goods, the tariff reduction among the parties to the Agreement is mainly based on the commitment to reduce tariff immediately or within 10 years. More than 90% of trade in goods will eventually achieve zero tariff in the region.
In terms of trade in services, the parties to the Agreement have made commitments higher than that of their existing "ASEAN + 1" free trade agreements.
In terms of investment, the parties to the Agreement adopt the negative list approach for market access commitments.
In terms of movement of natural persons, the parties to the Agreement commit that investors, intra-corporate transferees, contract service providers, accompanying spouses and dependants of various countries in the region may obtain a residence period, enjoy visa convenience and carry out various trade and investment activities if they meet the relevant conditions.
Once ratified by 6 ASEAN countries and 3 non-ASEAN countries, the RCEP Agreement will formally enter into force. In the next step, the parties to the Agreement are committed to completing their domestic approval procedures to bring the agreement into force as early as possible.
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