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RCEP To Buoy Regional GDP, Trade: Yicai

CHINA PRESS
MNI (Singapore)

The largest free trade agreement Regional Comprehensive Economic Partnership (RCEP) coming into force since Jan. 1 will drive the regional GDP by 2035, as well as boost exports and imports of the region, Yicai.com reported citing a think tank affiliated with the Ministry of Commerce. The Asia-focused trade bloc covering 15 countries will see more than 90% of goods trade in the region gradually achieve zero tariffs. Among which, 57% of China’s export to Japan will immediately enjoy zero tariffs for the first time, and both sides have significantly reduced tariffs on machinery and equipment, electronic information, chemicals and textiles, which is expected to largely buoy trade, the newspaper said citing Ren Hongbin, vice-minister of commerce.

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