China, Malaysia Begin To Impose RCEP Tariffs

Economy

China, Malaysia Begin To Impose RCEP Tariffs

As the Regional Comprehensive Economic Partnership agreement entered into force for Malaysia, China and Malaysia have begun to impose RCEP tariffs on each other, which will bring new economic cooperation opportunities. Under the RCEP agreement, the two countries commit to expanding market opening on the basis of China-ASEAN Free Trade Area Agreement, and some goods can enjoy new tariff preferences, said the report. China and Malaysia have started to adopt the first-year tariff rates and exemptions. These include processing aquatic products, cocoa, cotton yarn and fabrics, chemical fibres and stainless steel. Also included are Malaysian exports to China such as canned pineapple, pineapple juice, coconut juice, pepper and other agricultural products. Malaysia is China's second largest trading partner in ASEAN, while China has been Malaysia's largest trading partner for 13 consecutive years.