The signing of RCEP will promote regional economic integration and the development of the world economy from a large perspective; from a small perspective, individual enterprises and ordinary consumers can also enjoy tangible benefits. Let’s take a look at how RCEP will affect the lives of ordinary people.
The overall level of openness of trade in goods of the countries in the agreement exceeds 90%, which is much higher than that of WTO countries. For consumers and companies that rely on imported raw materials and parts from countries in the region, the cost is greatly reduced due to the removal of tariffs and non-tariff barriers. Consumers will be able to buy high-quality and cheap products from countries in the region. This is the “threshold for enterprises to enter the countries in the region.” “Will be greatly reduced.
After the agreement is signed, wool produced in New Zealand can enter China duty-free, and after weaving into fabrics in China, it will be exported duty-free to Thailand to make garments. In this process, due to the tariff advantages of the agreement, the cost of garment production and transportation is greatly reduced. While driving the employment of countries in the region, consumers can buy more preferential imports from countries in the region, and enterprises can also participate in the origin Value accumulation.
The parties to the agreement also promised that investors from countries in the region, internal mobile personnel, contract service providers, accompanying spouses and family members, and other business personnel, can obtain a certain period of residence and enjoy visas if they meet the conditions. Facilitate and carry out various trade and investment activities.
It can be expected that the subsequent relevant supporting policies that will be issued by various countries, such as visa-free, visa-on-arrival, and supporting tourism, catering and other consumer preferences will also make personal travel abroad more convenient and cheaper. The threshold for domestic labor to go abroad for employment will also be lowered, further promoting labor mobility in the region.