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Regional comprehensive economic partnership agreement (RCEP)

The Regional Comprehensive Economic Partnership (RCEP) is a large-scale regional trade agreement jointly promoted by ASEAN and China, Japan, South Korea, Australia, New Zealand and other free trade partners. RCEP was initiated by ASEAN in 2012. After 31 rounds of formal negotiations in 8 years, the 15 parties finally reached an agreement and signed it on November 15, 2020. On January 1, 2022, RCEP officially came into effect in 6 ASEAN member states including Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam, and 4 non-ASEAN member countries including China, Japan, Australia and New Zealand; It will take effect in South Korea, and it will take effect in Malaysia on March 18; it will take effect between China and Myanmar on May 1.

RCEP will deepen the international textile production capacity cooperation in the region, and finally achieve the goal of building a mutually beneficial and win-win textile industry chain supply chain cooperation system.

On the one hand, RCEP has created obvious advantages and institutional dividends for the sustainable development of my country's textile industry. It is not only beneficial to China, but also beneficial to East Asia and Southeast Asia to better form the world's most competitive textile and garment industry manufacturing center and consumption center. On the other hand, RCEP further reduces investment barriers among member countries and promotes the division of production and cooperation among enterprises. Enterprises should actively seize the opportunity of RCEP and make overall plans to optimize the production capacity layout at home and abroad. Third, as far as the textile industry is concerned, the RCEP tariff reduction has achieved a historic breakthrough in the Japanese market, which is conducive to expanding exports to Japan and maintaining and enhancing the export competitiveness of my country's textile industry. As a beneficiary industry of RCEP, the textile industry will seize the opportunity to realize the diversified and integrated development of the industrial chain and supply chain.

RCEP is an "integrator" of intra-regional economic and trade relations, which will provide a huge boost for my country to build a new open economy system in the new era, and form a new development pattern with the domestic cycle as the main body and the domestic and international dual cycles promoting each other.

RCEP will further promote the industrial division and cooperation between China and ASEAN, and drive the growth of two-way trade in upstream and downstream products of the textile industry.


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