China-South Korea implement RCEP tariffs from 1 February

According to a statement released by the Customs Tariff Commission of the State Council on Thursday, the Chinese government will apply the tariff rate it has committed to under the Regional Comprehensive Economic Partnership (RCEP) agreement to selected imports from the Republic of Korea (ROK).

As mentioned in the statement, the move will happen on the same day the RCEP agreement goes into effect for the ROK. The ROK has recently deposited its instrument of approval to the Secretary-General of ASEAN, who is the depositary of the RCEP agreement.

From 2022 onward, annual tariff adjustments as promised in the agreement will take effect on the first day of each year.

In addition to boosting economic and trade cooperation, the implementation of RCEP in the ROK will bring mutual benefits to all RCEP members.