Implementation of tax rate on spandex value chain in RCEP Agreement

The Regional Comprehensive Economic Partnership Agreement (RCEP) entered into force on January 1, 2022, mainly involving six ASEAN members, including Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam, and four non-ASEAN members, including China, Japan, New Zealand and Australia.

With the help of RCEP reciprocal tariffs, the growth rate of textile exports to Europe and the United States was greater than that to Europe and the United States. From January to October 2022, ASEAN accounted for 16.97% of China's textile and apparel exports, surpassing the United States to become China's largest export market, with an increase of 20.9 percent over the same period of last year; the United States took up 16.85%, with a decrease of 1.58 percent on annual basis; and the European Union accounted for 14.7%, with an increase of 4.73 percent year on year. 2023 is the second year of the entry into force of the RCEP, and trade terms and tariff dividends on exports to ASEAN will be further released.