RCEP takes effect for Malaysia

After the 6 ASEAN countries and 4 non-ASEAN countries entered into force on January 1, and South Korea entered into force on February 1, the Regional Comprehensive Economic Partnership (RCEP) will be implemented in a new country recently - From March 18, the RCEP will come into effect for Malaysia.

After the RCEP came into effect, both China and Malaysia added market opening commitments on the basis of the China-ASEAN Free Trade Area, such as China's processed aquatic products, cocoa, cotton yarn and fabrics, chemical fibers, stainless steel and some industrial machinery and equipment and their components. These products will be further exempted from tariffs when exported to Malaysia; Malaysia’s canned pineapple, pineapple juice, coconut juice, pepper and other agricultural products, as well as some chemicals and paper products exported to China will also be obtained on the basis of the China-ASEAN Free Trade Area. The new tariff relief will further promote the development of bilateral trade between China and Malaysia.

Malaysia's advantageous manufacturing industries include electronics, petroleum, machinery, steel, chemicals and automobile manufacturing. The implementation of RCEP, especially the introduction of regional cumulative rules of origin, will deepen the cooperation between Chinese and Malaysian enterprises in the industrial chain and supply chain in these fields. create better conditions.