Strengthening regional economic and trade ties

RCEP has also strengthened regional economic and trade ties. More than 90 percent of trade in goods within the region will eventually be tariff-free, according to the agreement.

If the value-added part of the product during processing belongs to the 15 member states, and the cumulative value-added exceeds 40 percent, the product can enjoy corresponding tariff preferences according to the cumulative rule of origin.

These policies significantly boosted economic, trade and investment growth in the region as a whole, and brought more confidence to enterprises in the region in conducting transnational cooperation.