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Influence of RCEP on Elevator Industry

Published January ,Jan 01,2022Share to:

"RCEP" redirects here. For other uses, see RCEP (disambiguation).
Regional Comprehensive Economic Partnership
RCEP members
Type    Free trade agreement
Signed    15 November 2020
Location    Hanoi, Vietnam (Virtual host)
     The Regional Comprehensive Economic Partnership (RCEP /ˈɑːrsɛp/ AR-sep) is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. The 15 member countries account for about 30% of the world's population (2.2 billion people) and 30% of global GDP ($29.7 trillion), making it the largest trade bloc in history. Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia, including China, Indonesia, Japan, and South Korea.

     RCEP agreement will certainly promote the trade of elevators or industrial products in the partnership countries. The import tariff paid for elevator products imported from China is less, which means that the cost of importers is reduced, which is conducive to further cooperation between foreign purchasers and Chinese suppliers. For our suppliers engaged in the export of elevator products, more orders and policy support will make us more confident to cooperate with foreign buyers.