Technical preparations for RCEP agreement well underway: MOFCOM

China is fully prepared to fulfill its obligations when the Regional Comprehensive Economic Partnership agreement enters into force, the Chinese Ministry of Commerce said.

China has taken the lead in ratifying the agreement and technical preparations for implementing the RCEP agreement are progressing in an orderly manner, the ministry said.

The ministry, in conjunction with relevant government organs, has sorted out the 701 binding obligations stipulated in the agreement, including tariff concessions, simplification of customs procedures, service trade liberalization and commitment to “one list for the whole country.”

China’s Ministry of Finance has wrapped up the conversion for the tariff concession commitment on trade in goods. The General Administration of Customs has set out to draft the rules of origin and conclude the technical preparations at home within six months while negotiating with foreign parties.

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