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All the 10 member countries of the Association of Southeast Asian Nations, or ASEAN, are RCEP signatories. So are Japan, South Korea, Australia and New Zealand. Experts have called the RCEP "a victory of multilateralism and free trade" as the 15 nations collectively account for nearly a third of the world's GDP.
For Sunvim, which employs more than 15,000 employees, the going got tough in the first quarter of this year due to the impact of COVID-19. Things turned around from April onward as many overseas textile firms either suspended production or shut their factories to avoid health risks.
Since the situation improved in China and production resumed at factories, Sunvim, which is the official towel supplier for the delayed Tokyo 2020 Olympics, alone was able to export 53 percent of China's total towel products to Japan in the first three quarters of this year.
It paid 7.4 percent tariff (tax on imported goods) to Japanese customs. But Sunvim's competitors in Vietnam enjoyed zero tariff in Japan, thanks to their bilateral free trade agreement.
This meant Sunvim had to slash prices to match its competitors', which squeezed its profit, said Xiao.#Mangueiras hidráulicas#CAPA PARA MANGUEIRA#Terminais Hidráulicos
This disadvantage will become history once RCEP results in zero tariffs in the coming decade. What's more, last month, China and Japan reached a separate bilateral tariff cut arrangement, marking a historic breakthrough in efforts to promote a high level of trade liberalization in the region.ФИТИНГИ DK;ФИТИНГИ DKOL;ФИТИНГИ DKOS;ФИТИНГИ DKIФИТИНГИ Banjo;ФИТИНГИ BSP;ФИТИНГИ JICФИТИНГИ ORFSФИТИНГИ BSPT
Backed by China's new round of reform and opening-up, the fresh momentum generated by the RCEP will not only reinforce industrial and supply chains, boost cross-border investment, enhance the ability of all parties to fight the COVID-19 pandemic and promote the economic recovery but also put China's foreign trade growth on a firmer footing in 2021, said Wei Jianguo, vice-chairman of the China Center for International Economic Exchanges.
In September alone, Yiwu shipped 29.64 billion yuan worth of goods to global markets, up 15 percent on a yearly basis. The exported goods included 740 million yuan worth of home appliances, up nearly 69 percent year-on-year, according to Yiwu Customs.
Our company is also very pleased with the signing of RECP, which will help our company further open up the ASEAN market to expand market share, further optimize the export structure and reduce costs.
The company will also spare no effort to increase market development. With the opening of the country's Belt and Road Cooperation, there will be more and broader markets.
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