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China vows to expand global free trade area network
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IANS | 24 Nov, 2020
China will step up efforts to expand the free trade area network across
the world to enlarge its "circle of friends", according to China's
Commerce Minister Zhong Shan.
After signing the Regional
Comprehensive Economic Partnership (RCEP), China will see the
China-Cambodia free trade agreement take effect at the earliest and
accelerate investment agreement negotiations with Europe, Zhong said in a
signed article published Tuesday in the People's Daily.
Zhong
also urged efforts to upgrade the existing trade pacts with ASEAN,
Singapore, Republic of Korea (ROK) and New Zealand, and facilitate
China-Japan-ROK, China-Gulf Cooperation Council, China-Norway and
China-Israel free trade agreement negotiations, Xinhua news agnecy
reported.
With the RCEP reaching a higher level in fields
including customs procedures and trade facilitation, intellectual
property protection, e-commerce and trade remedies, China will actively
engage in dialogue and communication with more major economies and
regional trade mechanisms, he said.
Covering a market of 2.27
billion people and a combined GDP of US $26.2 trillion, the RCEP
signatories, which account for about one-third of the world's economy,
will become a large integrated market.
Calling the signing of the
RCEP a "milestone" in China's pursuit of opening-up, Zhong said the
agreement manifests the country's sincerity and commitment to opening
its market.
The import and export of goods between China and
other RCEP members, exceeding US $1.4 trillion in value annually, will
be subject to preferential tariffs following the RCEP implementation.
Meanwhile,
China also promised to open more than 120 service sectors, including
R&D and elderly care, 22 more than the number of sectors the country
had agreed to open upon accession to the World Trade Organization.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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