RCEP tariff concession arrangement

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