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Premier Li Keqiang heard a report on the domestic efforts for the
Regional Comprehensive Economic Partnership (RCEP) to take effect and
get implemented when chairing the State Council executive meeting on
Wednesday, and called for deepening reform and opening-up to promote
industrial upgrading. Competent departments have accelerated domestic work for its
implementation. To date, legal review of the provisions, and formulation
of the conversion plan for the tariff concession commitment schedule on
trade in goods, have been completed. Substantive progress has been
achieved in the technical preparations for implementing the cumulation
provisions of the rules of origin. As much as 85 percent of the 701
binding obligations stipulated in the agreement are ready to be
enforced. "The RCEP agreement, signed among 15 participating countries, is
beneficial to all," Li said. "Promoting its implementation is an
important step to expand opening-up and advance reform. To keep major
economic indicators within a reasonable range and consolidate recovery
and growth, reform and opening-up should remain a key driving force." The meeting highlighted the need to speedily push forward the reform
of relevant domestic management mechanisms, step up the formulation of
domestic management regulations on origin and implementation guidelines,
refine work procedures and make targeted technical preparations to
ensure that the agreement can be executed on the ground as soon as it
takes effect. In light of the new circumstances of a more open environment and
greater competition following the implementation of the agreement, the
meeting reaffirmed the need to sort out and refine the country's
manufacturing quality standards and rules in line with the advanced
international industrial standards. To further open up the service
sector, preparations shall be made in raising standards and improving
rules. Inter-agency coordination shall be enhanced. Relevant domestic
regulations and policies shall be sorted out and refined expeditiously
in accordance with the agreement, and sector-specific plans drafted in
selected key areas for RCEP implementation. Efforts shall be made for
early consultations among participating countries on the conversion for
tariff commitment schedules and for product-specific rules of origin,
and on the guidelines for implementing the rules of origin, as
institutional safeguards for the implementation of the agreement. "The RCEP agreement is not merely about reducing or exempting
tariffs. It specifies the cumulation provisions of rules of origin.
Fully understanding and implementing the cumulative rules of origin will
help lower the threshold for enjoying tariff concessions, promote
intra-regional trade cooperation, and stabilize and strengthen the
regional industrial and supply chains," Li said. The meeting also required more training regarding RCEP
implementation, to familiarize enterprises, especially micro and small
firms, with the provisions and the tariff concession by participating
countries, and with the application procedures and documentation
required for the certificate of origin. Guidance will be provided to businesses to shape a stronger sense of
urgency for transformation and upgrading and a firm commitment to
professional expertise, pursuit of excellence and greater management, to
better participate in international cooperation and competition. "The RCEP agreement is both an opportunity and a challenge. Intensive
training programs should be organized to help businesses become
well-informed about the agreement. Implementation of the agreement can
be an opportunity to enable the manufacturing industry to move towards
medium and high-end, upgrade product quality, and raise market
competitiveness," Li said. Enditem
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