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More about RCEP ( Part 1)

FAQs about Patent Applications in China

Antitrust Guidelines in Platform Economy Released  for Comment

4. What important consensus has RCEP reached on the rules of origin?RCEP
In terms of rules of origin, RCEP uses the principle of regional accumulation, which allows the value content of a product's origin to cumulate within the 15-member region, and the value content from any of the RCEP parties will be factored in, which will significantly increase the utilization of the agreement's preferential tariff rates. For example, a good that could not be counted as originating in a country under previous bilateral FTAs between members, after regional value accumulation, may be recognized as originating in the RCEP region and enjoy RCEP preferential tariffs. This will enable multinational companies to arrange industrial layout more flexibly, establish a more refined and better organized division of labor along the industrial chain, and reduce the production cost of final products. It will not only boost intra-RCEP trade, but also greatly deepen integration and development of regional supply and value chains.RCEP15RCEPRCEPRCEPRCEP
At the same time, compared with the previous "10+1" agreement, RCEP recognizes still more types of certificates of origin, in addition to the traditional ones, including an approved exporter's declaration as well as an exporter's declaration. This marks the shift of origin declaration system from issuance by officially-authorized issuing bodies to credit-based declaration by enterprises themselves. The new model greatly cuts administrative and business costs and further enhances the efficiency of customs clearance.10+1RCEP
5. What are the provisions of RCEP in enhancing the level of intra-regional trade facilitation?RCEP
RCEP's trade facilitation measures mainly include customs procedures and trade facilitation, sanitary and phytosanitary measures, and measures on standards, technical regulations, and conformity assessment procedures.RCEP
In terms of customs procedures and trade facilitation, RCEP simplifies customs clearance procedures, adopts efficient management tools to promote customs procedures such as advance rulings, pre-arrival processing, and application of information technology, and, where possible, strives to release express consignments and perishable goods within six hours of arrival. Such measures will promote the development of new types of cross-border logistics such as express delivery, and facilitate the clearance and trade of fresh produce such as fruits and vegetables, meat, eggs, and dairy products. The overall level of trade facilitation exceeds that of the WTO Agreement on Trade Facilitation.RCEP6
Regarding sanitary and phytosanitary measures, a range of measures have been established to protect human, animal or plant life or health and to ensure that these measures are not, to the extent possible, trade-restrictive or unreasonably discriminatory to other RCEP members. Building on the WTO's SPS Agreement, RCEP also strengthens enforcement of rules on risk analysis, audit, certification, import checks, and emergency measures.RCEPRCEP
With respect to standards, technical regulations, and conformity assessment procedures, RCEP calls for parties to reduce unnecessary technical barriers to trade in the recognition of standards, technical regulations, and conformity assessment procedures, and encourages the standardization bodies of the parties to strengthen information exchange and cooperation on standards, technical regulations, and conformity assessment procedures. These initiatives will greatly enhance the level of intra-regional trade facilitation of goods, reduce trade costs, shorten logistics time, and further promote the formation of a regionally integrated market.RCEP
6. Besides market access commitments, what are the other provisions in the Trade in Services Chapter?RCEP
Aside from market access and relevant rules, the Trade in Services Chapter also incorporates three annexes regarding financial services, telecommunications services, and professional services. The Financial Services and Telecommunications Services Annexes include comprehensive and high-level commitments, and the Professional Services Annex sets out cooperation arrangements for mutual recognition of professional qualifications.
The Financial Services Annex represents China's highest-level commitment in the financial sector. Rules such as new financial services, self-regulatory organizations, and transfers and processing of financial information are introduced for the first time, and high-level commitments to regulatory transparency are made, fostering a more open, stable, and transparent level playing field for financial service providers of the parties while preserving regulatory space for safeguarding stability of the financial system and guarding against financial risks. These rules will not only help Chinese financial enterprises expand overseas markets, but also attract overseas institutions to start business in China, thus invigorating the domestic financial market.
The Telecommunications Services Annex establishes a framework of rules regarding trade in telecommunications services. Building on top of the telecommunications annex of the 10+1 agreement, RCEP extends rules to areas including approaches to regulation, international submarine cable systems, unbounding of network elements, access to poles, ducts, and conduits, international mobile roaming, and flexibility in the choice of technology. This set of rules will accelerate coordinated development of the regional information and communications technology sector, redirect regional investment and focus of development towards cutting edge technologies, facilitate innovation and integration of regional industries, and upgrade and restructure the industrial and supply chains.10+1RCEP
The Professional Services Annex lists arrangements for exchanges among RCEP parties over professional qualifications, including strengthening dialogues between relevant bodies recognizing professional qualifications; encouraging negotiations on professional qualifications, licensing, or registration in professional services sectors of mutual interest; and encouraging the development of mutually acceptable professional standards in areas like education, examinations, experience, conducts and ethics, professional development and re-certification, scope of practice, and consumer protection.RCEP--To be continued


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More about RCEP ( Part 2)

Click LegalTips

to follow us

You may also feel interested in:

More about RCEP ( Part 1)

FAQs about Patent Applications in China

Antitrust Guidelines in Platform Economy Released  for Comment

4. What important consensus has RCEP reached on the rules of origin?RCEP
In terms of rules of origin, RCEP uses the principle of regional accumulation, which allows the value content of a product's origin to cumulate within the 15-member region, and the value content from any of the RCEP parties will be factored in, which will significantly increase the utilization of the agreement's preferential tariff rates. For example, a good that could not be counted as originating in a country under previous bilateral FTAs between members, after regional value accumulation, may be recognized as originating in the RCEP region and enjoy RCEP preferential tariffs. This will enable multinational companies to arrange industrial layout more flexibly, establish a more refined and better organized division of labor along the industrial chain, and reduce the production cost of final products. It will not only boost intra-RCEP trade, but also greatly deepen integration and development of regional supply and value chains.RCEP15RCEPRCEPRCEPRCEP
At the same time, compared with the previous "10+1" agreement, RCEP recognizes still more types of certificates of origin, in addition to the traditional ones, including an approved exporter's declaration as well as an exporter's declaration. This marks the shift of origin declaration system from issuance by officially-authorized issuing bodies to credit-based declaration by enterprises themselves. The new model greatly cuts administrative and business costs and further enhances the efficiency of customs clearance.10+1RCEP
5. What are the provisions of RCEP in enhancing the level of intra-regional trade facilitation?RCEP
RCEP's trade facilitation measures mainly include customs procedures and trade facilitation, sanitary and phytosanitary measures, and measures on standards, technical regulations, and conformity assessment procedures.RCEP
In terms of customs procedures and trade facilitation, RCEP simplifies customs clearance procedures, adopts efficient management tools to promote customs procedures such as advance rulings, pre-arrival processing, and application of information technology, and, where possible, strives to release express consignments and perishable goods within six hours of arrival. Such measures will promote the development of new types of cross-border logistics such as express delivery, and facilitate the clearance and trade of fresh produce such as fruits and vegetables, meat, eggs, and dairy products. The overall level of trade facilitation exceeds that of the WTO Agreement on Trade Facilitation.RCEP6
Regarding sanitary and phytosanitary measures, a range of measures have been established to protect human, animal or plant life or health and to ensure that these measures are not, to the extent possible, trade-restrictive or unreasonably discriminatory to other RCEP members. Building on the WTO's SPS Agreement, RCEP also strengthens enforcement of rules on risk analysis, audit, certification, import checks, and emergency measures.RCEPRCEP
With respect to standards, technical regulations, and conformity assessment procedures, RCEP calls for parties to reduce unnecessary technical barriers to trade in the recognition of standards, technical regulations, and conformity assessment procedures, and encourages the standardization bodies of the parties to strengthen information exchange and cooperation on standards, technical regulations, and conformity assessment procedures. These initiatives will greatly enhance the level of intra-regional trade facilitation of goods, reduce trade costs, shorten logistics time, and further promote the formation of a regionally integrated market.RCEP
6. Besides market access commitments, what are the other provisions in the Trade in Services Chapter?RCEP
Aside from market access and relevant rules, the Trade in Services Chapter also incorporates three annexes regarding financial services, telecommunications services, and professional services. The Financial Services and Telecommunications Services Annexes include comprehensive and high-level commitments, and the Professional Services Annex sets out cooperation arrangements for mutual recognition of professional qualifications.
The Financial Services Annex represents China's highest-level commitment in the financial sector. Rules such as new financial services, self-regulatory organizations, and transfers and processing of financial information are introduced for the first time, and high-level commitments to regulatory transparency are made, fostering a more open, stable, and transparent level playing field for financial service providers of the parties while preserving regulatory space for safeguarding stability of the financial system and guarding against financial risks. These rules will not only help Chinese financial enterprises expand overseas markets, but also attract overseas institutions to start business in China, thus invigorating the domestic financial market.
The Telecommunications Services Annex establishes a framework of rules regarding trade in telecommunications services. Building on top of the telecommunications annex of the 10+1 agreement, RCEP extends rules to areas including approaches to regulation, international submarine cable systems, unbounding of network elements, access to poles, ducts, and conduits, international mobile roaming, and flexibility in the choice of technology. This set of rules will accelerate coordinated development of the regional information and communications technology sector, redirect regional investment and focus of development towards cutting edge technologies, facilitate innovation and integration of regional industries, and upgrade and restructure the industrial and supply chains.10+1RCEP
The Professional Services Annex lists arrangements for exchanges among RCEP parties over professional qualifications, including strengthening dialogues between relevant bodies recognizing professional qualifications; encouraging negotiations on professional qualifications, licensing, or registration in professional services sectors of mutual interest; and encouraging the development of mutually acceptable professional standards in areas like education, examinations, experience, conducts and ethics, professional development and re-certification, scope of practice, and consumer protection.RCEP--To be continued


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