Guangxi issues policies to welcome RCEP
The Regional Comprehensive Economic Partnership (RCEP) agreement, the world's largest free trade agreement, went into force on Jan 1, and Guangxi has issued numerous policies in response.
After the agreement takes effect, more than 90 percent of merchandise trade among members that have approved the agreement will eventually be subject to zero tariffs.
With optimized trade rules among signatories, streamlined procedures and wider opening-up in services trade and investment, the RECP will bring tangible benefits to member countries.
Yang Chunting, head of the Commerce Department of the China (Guangxi) Pilot Free Trade Zone, said that the policies issued by Guangxi would focus on trade cooperation, cross-border industrial chains and cross-border logistics of the New International Land-Sea Trade Corridor.
From January to November 2021, the cargo throughput of Beibu Gulf Port and ASEAN countries increased by 48 percent year-on-year. To welcome the RCEP, Beibu Gulf Port is continuously improving its carrying capacity and will use technologies such as artificial intelligence, 5G, and big data to build a smart port.
Guangxi will create a market-oriented, internationalized, and law-based business environment, provide one-stop integrated services for intellectual property rights, and build an open cooperation environment for RCEP member states.