Chongqing- In order to improve understanding of the RCEP, fully prepare for its implementation and further enhance the level of construction and international competitiveness in the open inland highland of Chongqing, the Ministry of Commerce is holding a second round of specialized online training from March 22 to 23.

The Chongqing Municipal Commission of Commerce has organized the participation of representatives from the Municipal Federation of Industry and Commerce, the Municipal Council for the Promotion of International Trade, and Chongqing Customs in addition to district business committees, open platforms, industry associations, and heads of key enterprises.

Training is being held in dual online and offline format through live broadcasts covering one main venue and 54 sub venues, through which over 860 participants will gain a deeper understanding and preparedness for the RCEP.

Chongqing enterprise stands ready and prepared to gain maximal advantage from the RCEP when the new rules come into effect on January 1st, 2022.

Yu Benlin, International Department director of the Ministry of Commerce, has stated that China led the way in completing the approval process for RCEP, and has become the first country to ratify the agreement.

All RCEP member states have declared they will ratify the agreement before it officially comes into effect on January 1, 2022. The current agreement entails 701 binding obligations relevant for China, of which 613 (87%) have already been prepared for implementation.

RCEP will account for approximately 30% of the world’s population, GDP, trade and investment, whilst integrating and expanding multiple free trade agreements between the 15 countries to reduce tariffs, non-tariff barriers, and unify regional trade rules.

The Jiangjin Comprehensive Bonded Zone hopes to take advantage of the New Western Land-Sea Corridor and open platforms when the new RCEP trade rules are implemented.

This represents yet another full scope opening of trade in the 20 years since China acceded to the WTO, and means that one-third of foreign trade in China is set to be liberalized. The RCEP will also be conducive in the stabilization of exports to other member countries and will bring more opportunities to Chinese enterprises.

At the same time, import trade will be promoted thanks to greater diversification, tapped potential, more advanced technology, and the inward flow of equipment, components, and resource products with high demand in the domestic market.

The Ministry of Commerce has invited highly esteemed organizations, experts, and scholars to deliver lectures over the training session, with a focus on impacts the RCEP is expected to have on agriculture, textiles, machinery, the chemical industry, electronic information, and other related industries.

The Fuling District Commission of Commerce hopes the training will offer a more accurate, comprehensive, and in-depth understanding of the RCEP.

There is also interpretation and analysis for investments, and familiarization for units and enterprises with RCEP rules such as origin certification and application procedures, so that enterprises in Chongqing may extract maximal benefit from the RCEP through international markets, favorable policies, and strengthened competitiveness.

A representative from the Jiangjin Comprehensive Bonded Zone has expressed hopes that a deeper understanding of RCEP rules and their impacts will result from the training, and that a suitable entry point for industrial development in comprehensive bonded zones will be identified.

It is also hoped the Jiangjin Comprehensive Bonded Zone can take advantage of the New Western Land-Sea Corridor and open platforms, as they aim to construct the Belt and Road Import and Export Commodity Distribution Center.