China to implement RCEP tariffs on Malaysian goods

25 Feb '22

1 min read

Pic: Shutterstock

China will adopt the tariff rates it has pledged under the Regional Comprehensive Economic Partnership (RCEP) agreement on part of imports from Malaysia from March 18, according to the Customs Tariff Commission of its State Council. The new tariff rates will take effect on the same day as the world's largest deal comes into force for Malaysia.

Malaysia has recently deposited its instrument of approval with the secretary general of the Association of Southeast Asian Nations (ASEAN).

The RCEP, which entered into force on January 1 this year in 10 countries, will then be effective for 12 of its 15 signing members.

According to the commission's statement, the first-year RCEP tariff rates applicable to ASEAN members will be adopted on imports from Malaysia. The annual rates for subsequent years will be implemented from Jan 1 of the respective years.

The agreement was signed on November 15, 2020, by 15 Asia-Pacific countries after eight years of negotiations.

ALCHEMPro News Desk (DS)

More Textiles News - China...