China is well-prepared for implementing the Regional Comprehensive Economic Partnership (RCEP) agreement to take effect on Jan. 1, 2022, the Ministry of Commerce (MOC) said Thursday.
The core of the agreement lies in its implementation, MOC spokesperson Gao Feng told a press briefing.
The MOC, along with other departments, will help local governments and enterprises better understand RCEP rules and promote deeper integration of industrial and supply chains among members, and promote higher-quality and deeper regional economic integration in East Asia, he said.
After the RCEP agreement takes effect, more than 90 percent of merchandise trade between approved members will be eventually subject to zero tariffs.
The RCEP includes 10 ASEAN members, China, Japan, the Republic of Korea, Australia and New Zealand. The 15 states' total population, gross domestic product and trade all account for about 30 percent of the world total.
