Asia Pacific Trade Agreement Tariff Schedule

The signing of RCEP is a positive step forward for free trade and multilateralism in the Asia-Pacific region, especially given the uncertainty and economic burden of the COVID-19 pandemic and the retreat of many countries to protectionism. Although less ambitious than the CPTPP, RCEP lays the foundation for closer cooperation in the future and is remarkable, as it brings together countries that have not yet concluded trade agreements, such as Japan and China. This Agreement may include, inter alia, provisions concerning: (a) tariffs; (b) marginal royalties and charges; (c) non-tariff measures. Participating States may negotiate tariff concessions using one or a combination of the following approaches and procedures: (a) the product base; (b) flat-rate tariff reductions; (c) sectoral basis. Collective bargaining should be based on the lowest rates of pay currently applied by each participating State. The participating States shall be regularly engaged in negotiations with a view to further developing this Agreement and achieving its objectives more comprehensively. Merchandise trade: According to Singapore`s Ministry of Trade and Industry (MTI), market access for goods includes tariff avoidance of at least 92% of goods traded between RCEP parties within 20 years. 1 These ASEAN+1 Free Trade Agreements include the ASEAN-Australia-New Zealand Free Trade Agreements; (ii) ASEAN-China Free Trade Agreements; (iii) a closer ASEAN-Japan economic partnership; and (iv) ASEAN-Korea Free Trade Agreements. . . .

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