Progress made in trade pact for Asia-Pacific

Li, reacting to report, called the RCEP 'beneficial to all' of its 15 signatories

Premier Li Keqiang heard a report on Wednesday about domestic efforts to have the Regional Comprehensive Economic Partnership-a free-trade agreement among 15 Asia-Pacific nations-take effect and become implemented.

Li, who was chairing a State Council executive meeting, also called for deepening reform and opening-up to promote industrial upgrading.

Legal review of the RCEP's provisions has been completed, as has the formulation of the conversion plan for the tariff concession commitment schedule on trade in goods.

Substantive progress has been made in technical preparations for implementing the cumulation provisions of the rules of origin. As much as 85 percent of the 701 binding obligations stipulated in the agreement are ready to be enforced.

"The RCEP agreement, signed among 15 participating countries, is beneficial to all," Li said. "Promoting its implementation is an important step to expand opening-up and advance reform. To keep major economic indicators within a reasonable range and consolidate recovery and growth, reform and opening-up should remain a key driving force."

Participants in the meeting highlighted the need to speedily advance the reform of relevant domestic management mechanisms, step up the formulation of domestic management regulations on origin and implementation guidelines, refine work procedures and make targeted technical preparations to ensure that the agreement is executed as soon as it takes effect.

They reaffirmed the need to sort out and refine the country's manufacturing quality standards and rules in line with advanced international industrial standards. To further open up the service sector, preparations will be made in raising standards and improving rules.

Efforts will be made for early consultations among participating countries on the conversion for tariff commitment schedules and for product-specific rules of origin, and on the guidelines for implementing the rules of origin.

"The RCEP agreement is not merely about reducing or exempting tariffs. It specifies the cumulation provisions of rules of origin. Fully understanding and implementing the cumulative rules of origin will help lower the threshold for enjoying tariff concessions, promoting intraregional trade cooperation and stabilizing and strengthening the regional industrial and supply chains," Li said.

They also prescribed more training on RCEP implementation, to familiarize enterprises, especially micro and small firms, with provisions and tariff concessions by participating countries, and with application procedures and documentation required for a certificate of origin.

"The RCEP agreement is both an opportunity and a challenge. Intensive training programs should be organized to help businesses become well-informed about the agreement. Implementation of the agreement can be an opportunity to enable the manufacturing industry to move toward medium-and high-end, upgrade product quality and raise market competitiveness," Li said.