Starting from Feb 1, China will adopt the tariff rate it has pledged under the Regional Comprehensive Economic Partnership (RCEP) agreement on selected imports from the Republic of Korea.

The move will come on the same day as the RCEP deal comes into force for the ROK. The ROK has recently deposited its instrument of approval to the Secretary-General of ASEAN, who is the depositary of the RCEP agreement.

For the years after 2022, annual tariff adjustments as promised in the agreement will take effect on the first day of each year.
As the world’s largest free trade agreement, the RCEP agreement entered into force on Jan 1. After it takes effect, more than 90 percent of merchandise trade among members that have approved the accord will eventually be subject to zero tariffs.

The RCEP was signed on Nov 15, 2020, by 15 Asia-Pacific countries — ten members of the Association of Southeast Asian Nations and China, Japan, the Republic of Korea, Australia, and New Zealand — after eight years of negotiations that started in 2012.

On January 1, 2022, RCEP came into effect, which is the first time that China and Japan have established bilateral free trade
relations. Many import and export enterprises have applied for relevant certificates of origin. Our company specializes in application for Certificate of Origin & Enterprise Registration by the Customs Authority on behalf of clients. For details, please contact us.