Regional Comprehensive Economic Partnership (RCEP) - Trade in Goods
This chapter contains two sections, i.e. a) General Provisions and Market Access for Goods, and b) Non-Tariff Measures. The ultimate outcome is to achieve a high level of trade liberalisation and market access among the RCEP parties.
Key salient points
- Each RCEP parties shall commit to reduce or eliminate its customs duties on originating goods of other Parties according to Schedule in Annex I (Schedules of Tariff Commitments).
- For non-tariff measures, this chapter covers general elimination of quantitative restrictions, greater transparency on the application of non-tariff measures, import licensing procedures and the application of fees and formalities connected with importation and exportation.
- Set out a process for Parties to conduct technical consultations on non-tariff measures that adversely affect trade between them and also provide for the possibility of future work to be undertaken on sector-specific initiative to facilitate greater trade.