The Regional Comprehensive Economic Partnership (RCEP) agreement, the world’s largest free trade agreement, entered into force on January 1, 2022. On the first day of the implementation of RCEP, accredited by Nanjing Customs, XCMG was approved as one of the first exporters in China.
After the implementation of the RCEP, the construction machinery and parts exported by XCMG can enjoy more preferential tariffs, and the tariff rate will be gradually reduced, which will save more taxes and bring benefits to enterprises in the future.
The RCEP includes 10 ASEAN members, China, Japan, Korea, Australia and New Zealand. After the agreement takes effect, more than 90% of merchandise trade among members that have approved the agreement will eventually be subject to zero tariffs.