Eight countries adopted “unified tariff reduction”: Australia, New Zealand, Brunei, Cambodia, Laos, Malaysia, Myanmar and Singapore. That is, the same product originated from different parties under RCEP will be subject to the same tax rate when imported by the above parties;
Seven countries have adopted “country-specific tariff concessions”: China, Japan, South Korea, Indonesia, Philippines , Thailand and Vietnam. This means that the same product originating from different contracting parties is subject to different RCEP agreement tax rates when imported . China has made tariff commitments on goods trade with Japan, South Korea, Australia, New Zealand and ASEAN, with five tariff commitments.
Time of enjoying RCEP agreement tax rate
Tariff reduction time is different
Except Indonesia , Japan and the Philippines, which cut tariffs on April 1st every year, the other 12 contracting parties cut tariffs on January 1st every year.
Subject to the current tariff
The tariff schedule of RCEP Agreement is a legally effective achievement finally reached based on the 2014 tariff.
In practice, based on the commodity classification of the current year’s tariff , the agreed tariff schedule is transformed into results.
The agreed tax rate of each final product in the current year shall be subject to the corresponding agreed tax rate published in the tariff of the current year.
Post time: Jan-14-2022