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On June 2th, China and the Philippines mutually implemented RCEP tariff concessions

June 07, 2023

The Customs Tariff Commission of The State Council recently issued a notice saying that since June 2th, 2023, some imported goods originating in the Philippines will implement the agreement tax rates applicable to RCEP ASEAN member states, and the subsequent annual tax rates will be implemented from January 1st of the year.

After the RCEP officially came into effect for the Philippines, in the field of trade in goods, the Philippines will add zero tariff treatment for China's automobiles and parts, some plastic products, textiles and clothing, air conditioning and washing machines on the basis of the China-Asean Free Trade area, and after a certain transition period, the tariffs on the above products will be gradually reduced from 3%-30% to zero.

After the RCEP came into force for the Philippines, all 15 members have completed the entry into force procedures and implemented tariff concessions to each other, and the RCEP has entered a new stage of full implementation.