Myanmar-China’s RCEP agreement enters into force; more than 5,000 commodities be free-traded
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Khit / Phoo Pyae (NP News) - May 6
As Article 20.6 of the Regional Comprehensive Economic Partnership Agreement (RCEP) signed by 15 countries comes into force; more than 5,000 commodity items have been allowed to export with free trade between Myanmar and China, Permanent Secretary of the Ministry of Investment and Foreign Economic Relations Dr. Wah Wah Maung told the NP News.
Because terms of the agreement entered into force on May 1, 2022, the Ministry of Investment and Foreign Economic Relations announced that businesses will have opportunities to take advantage of the tariff privileges provided by the bilateral trade agreement between Myanmar and China.
"The RCEP has been signed by 15 countries, 15 Asean + 5 including China, Japan, South Korea, Australia, and New Zealand. The rest of the countries have their own domestic rules and regulations. Myanmar’s agreement with China started into force as the first. There are more than 5,000 cargo lines between Myanmar and China. Tariffs will be free either import or export. There will be more lawful trade,” said Dr. Wah Wah Maung.
The agreement covers both border trade and maritime trade. The ministry continues coordinating with other countries included in the RCEP.
"Japan and Korea may be the next countries implementing the RCEP," said Dr. Wah Wah Maung.
The Regional Comprehensive Economic Partnership is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. It was signed on November 15, 2020, at the Fourth Regional Comprehensive Economic Cooperation Summit by the economic ministers of the member countries in the presence of the Heads of State.
The RCEP consists of 15 members having a total population of 2.2 billion, representing 30 percent of the world's population and accounting for $ 26.2 trillion in productivity value, accounting for about 30 percent of global production.
The RCEP is widely regarded as one of the world's largest free trade agreements.
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