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What the RCEP trade deal means for ASEAN importers and exporters

Raymond Yee, DHL Express’ Vice-President of Customs and Regulatory Affairs for South East Asia and South Asia, explains what the RCEP will mean for ASEAN importers and exporters.
17 February 2021 •

The Regional Comprehensive Economic Partnership (RCEP) Agreement is a free trade agreement (FTA) of 15 countries to broaden and deepen South East Asia’s (ASEAN) engagement with Australia, China, Japan, Korea, and New Zealand.

The agreement, signed on 15 November 2020, has been a decade in the making. Negotiations saw several twists and turns, highlighting deep-seated geopolitical sensitivities between countries with diverse levels of economic development and political systems.

Still, this marks the first FTA involving economic power-houses of East Asia: China, Japan, and South Korea. Despite years of talks, these countries have never succeeded in establishing a free trade arrangement. Here are a few key elements of the deal that will make or break how much of a game-changer RCEP really will be, especially for importers and exporters in ASEAN.

ASEAN countries RCEP trade deal
(Photo: Shutterstock)

Firstly, what’s the RCEP in a nutshell?

It covers all the usual suspects of a typical FTA, among others:

  • Progressive tariff reductions among participating countries
  • Trade facilitation commitments like customs procedures, addressing non-tariff measures like technical barriers or sanitary measures
  • Trade in services commitments like telecommunications, financial and professional services
  • A consolidated regional list of disallowed sectors for investment (‘negative list’)

This is the first FTA involving economic powerhouses of East Asia: China, Japan, and South Korea. These countries contribute significantly to overall trade within Asia-Pacific, not to mention these countries being critical parts of regional and global value chains.

Crucially, the RCEP is inclusive enough to include less developed parts of Asia Pacific, such as Cambodia, Laos, and Myanmar. Its ability to cater to its contracting parties' diverse development needs is important to ensure all parties’ requirements are taken into account, without necessarily diluting its efficacy or benefits.

Myanmar skylline
(Photo: Shutterstock)

However, Asia Pacific is already a hotbed of a complex maze of free trade agreements, some bilateral, many plurilateral.

Many of these FTAs have different rules, which are complicated and disincentivizes their use. RCEP simplifies this into a single set of rules of origin, standardizing the requirements across the board and leveling the playing field for all.

Ideally, this will hopefully augment the understanding of complicated rules of origin in a typical FTA, promote trade and encourage foreign direct investments.

How does the RCEP expedite intra-ASEAN logistics?

RCEP recognizes “express clearance” and commits participating countries to clear such shipments within a maximum of six hours of arrival, subject to the necessary documentation submitted.

While six hours may seem like an eternity for some countries, particularly for international express delivery companies like DHL, the recognition that some shipments are ‘express’ and should hence be differentiated from standard freight is an important policy commitment.

Customs officials

Often, we engage customs authorities to recognize the unique needs of express clearances, and not treat such shipments as general freight. This has allowed DHL to clear low-value shipments as either duty-exempt, or with simplified clearance requirements in many countries, supporting trade facilitation in these markets.

Once established, this also means that customs authorities recognize these nuances in future regulations without compromising customs control.

The commitment to countries to enhance other types of customs trade facilitation in RCEP is equally important. These include the ability to request for a ruling on Harmonized System (HS) codes, rules of origin, customs valuation, and the reiteration of risk management principles.

Some of these commitments are “WTO-plus” , meaning they go beyond those in the World Trade Organization’s Agreement on Trade Facilitation, made by these countries.

Is e-commerce covered in the RCEP?

A section of the RCEP recognizes that a significant level of commerce takes place within the digital space. The RCEP requires creating a conducive legal framework for this sector, including personal data protection, consumer protection, rules on the location of computing facilities, cross-border data flows, and enabling electronic authentications and signatures.

Some of these are controversial areas, and the first commitments of their kind anywhere. In comparison, the European Union (EU) has been negotiating rules on cross-border data flows within member states in recent years, but has yet found little progress.

However, RCEP is silent on how it would treat the taxation of commerce undertaken in the digital space. Some countries have unilaterally imposed taxes on services and goods sold in the digital space.

E-commerce RCEP trade deal

Also, there are discussions in parts of Asia Pacific to impose and collect taxes for ‘de minimis’ shipments at the border.

This would significantly increase trade processing costs, even if the tax revenue obtained were unjustifiably low. Doing so will only adversely impact a nascent e-commerce sector with much growth potential.

How will RCEP affect ASEAN manufacturers and shippers?

Now is the time for them to start planning how RCEP will impact their business operations. Supply chain restructuring does not occur overnight and will require some time and foresight.

Any restructuring realized should be scheduled in tandem with RCEP tariff reductions to benefit their business margins.

In the medium to longer-term, RCEP sets the stage for a continued global and regional trade commitment. Its negotiators have touted it as a ‘living agreement’, which can evolve to consider present-day and new trends.

These are important policy commitments to ensure that the region’s economic environment continues to be conducive for businesses to thrive and for DHL, as the world’s leading global trade facilitator, to continue to achieve our goal of “Connecting People, Improving Lives”.

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The Regional Comprehensive Economic Partnership (RCEP) Agreement is a free trade agreement (FTA) of 15 countries to broaden and deepen South East Asia’s (ASEAN) engagement with Australia, China, Japan, Korea, and New Zealand.

The agreement, signed on 15 November 2020, has been a decade in the making. Negotiations saw several twists and turns, highlighting deep-seated geopolitical sensitivities between countries with diverse levels of economic development and political systems.

Still, this marks the first FTA involving economic power-houses of East Asia: China, Japan, and South Korea. Despite years of talks, these countries have never succeeded in establishing a free trade arrangement. Here are a few key elements of the deal that will make or break how much of a game-changer RCEP really will be, especially for importers and exporters in ASEAN.

ASEAN countries RCEP trade deal
(Photo: Shutterstock)

Firstly, what’s the RCEP in a nutshell?

It covers all the usual suspects of a typical FTA, among others:

  • Progressive tariff reductions among participating countries
  • Trade facilitation commitments like customs procedures, addressing non-tariff measures like technical barriers or sanitary measures
  • Trade in services commitments like telecommunications, financial and professional services
  • A consolidated regional list of disallowed sectors for investment (‘negative list’)

This is the first FTA involving economic powerhouses of East Asia: China, Japan, and South Korea. These countries contribute significantly to overall trade within Asia-Pacific, not to mention these countries being critical parts of regional and global value chains.

Crucially, the RCEP is inclusive enough to include less developed parts of Asia Pacific, such as Cambodia, Laos, and Myanmar. Its ability to cater to its contracting parties’ diverse development needs is important to ensure all parties’ requirements are taken into account, without necessarily diluting its efficacy or benefits.

Myanmar skylline
(Photo: Shutterstock)

However, Asia Pacific is already a hotbed of a complex maze of free trade agreements, some bilateral, many plurilateral.

Many of these FTAs have different rules, which are complicated and disincentivizes their use. RCEP simplifies this into a single set of rules of origin, standardizing the requirements across the board and leveling the playing field for all.

Ideally, this will hopefully augment the understanding of complicated rules of origin in a typical FTA, promote trade and encourage foreign direct investments.

How does the RCEP expedite intra-ASEAN logistics?

RCEP recognizes “express clearance” and commits participating countries to clear such shipments within a maximum of six hours of arrival, subject to the necessary documentation submitted.

While six hours may seem like an eternity for some countries, particularly for international express delivery companies like DHL, the recognition that some shipments are ‘express’ and should hence be differentiated from standard freight is an important policy commitment.

Customs officials

Often, we engage customs authorities to recognize the unique needs of express clearances, and not treat such shipments as general freight. This has allowed DHL to clear low-value shipments as either duty-exempt, or with simplified clearance requirements in many countries, supporting trade facilitation in these markets.

Once established, this also means that customs authorities recognize these nuances in future regulations without compromising customs control.

The commitment to countries to enhance other types of customs trade facilitation in RCEP is equally important. These include the ability to request for a ruling on Harmonized System (HS) codes, rules of origin, customs valuation, and the reiteration of risk management principles.

Some of these commitments are “WTO-plus” , meaning they go beyond those in the World Trade Organization’s Agreement on Trade Facilitation, made by these countries.

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Not all members of the Regional Comprehensive Economic Partnership will get an equal share of the pie.

The world watched on as Chinese Minister of Commerce Zhong Shan put pen to paper on the world’s largest trade agreement alongside trade ministers from 14 other countries.

All 15 members of the Regional Comprehensive Economic Partnership (RCEP) were gathered virtually last November to sign the landmark agreement, concluding eight years and 31 rounds of negotiation.

Comprising the Association of Southeast Asian Nations (ASEAN), Australia, China, Japan, New Zealand, and South Korea, the RCEP represents about a third of the global GDP and population.

More importantly, it symbolizes integration after years of trade wars and protectionism. The trade deal comes amid a raging pandemic when there are signs of countries seeking more effective international cooperation to aid economic recovery.

New trade agreements, including the RCEP, signal continued government support for market integration in much of the world, according to the DHL Global Connectedness Index 2020 — a study measuring the development of trade, capital, information, and people flows at the global, regional, and national levels.

The pact is not considered a breakthrough in terms of immediate economic gains. That is because many of the members already have trade agreements with each other. So, tariffs are already low, if not removed, on many exports.

However, the RCEP will improve participating countries’ market access to goods and services and facilitate trade and investment across the region. Particularly worth noting is how the deal will align rules of origin and bring members together into a single production chain.

“Asia Pacific is already a hotbed of a complex maze of free trade agreements. Many of these FTAs have differing rules which are complicated and disincentivize their use. RCEP simplifies this into a single set of rules of origin, standardizing the requirements across the board and leveling the playing field for all,” explained Raymond Yee, Vice President, Customs and Regulatory Affairs, DHL Express Asia Pacific.

“The direct benefits, particularly in the form of lower tariffs, are not always available or so obvious,” said Deborah Elms, founder and Executive Director of the Asian Trade Center, a Singapore-based think tank. “But having one rule of origin in place will make a substantial difference.”

Then there is the long-term economic opportunity. According to an analysis by the Peterson Institute for International Economics (PIIE), the pact could add US$500 billion (€414 billion) a year to world trade when it moves into full swing in 2030. And it would boost annual trade among members by US$428 billion (€357 billion).

But not everyone will get a piece of this pie. Here is a rundown of the deal’s biggest winners and losers.

Winners

China

The country is no doubt the biggest winner of the pact. The PIIE study estimates that as the largest of all members, China will get an US$85 billion (€71 billion) annual boost to its GDP from increased trade by 2030.

But China’s win is far more than just economics, especially considering that the deal will give it only 0.3 percent extra real income a year. Many observers see RCEP as a China-led bloc, despite ASEAN’s pivotal role in bringing the grouping together.

China’s Premier Li Keqiang (left) with Chinese Minister of Commerce Zhong Shan
China’s Premier Li Keqiang (left) with Chinese Minister of Commerce Zhong Shan (Photo: Ministry of Commerce, People’s Republic of China)

From that perspective, the RCEP deal is a geopolitical victory for China and a sign of waning American influence in Asia Pacific following its non-participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

“Even more important than economic gains, however, may be the effects of East Asia’s regional turn on China’s prospects for leadership in the region,” wrote the PIIE study’s authors Peter Petri and Michael Plummer.

Analysts from Citi Research went as far as calling RCEP “a coup for China,” saying that the “diplomatic messaging of RCEP may be just as important as the economics.”

DHL Global Connectedness Index 2020 Ranking: China

Rank: 70 (-1)

Depth (International flows relative to total activity): 150 (-2)

Breadth (Distribution of international flows across countries): 18 (-1)

China remains a strongly domestic-oriented economy. Its international flows are comparatively smaller than its structural characteristics (population, GDP per capita, and geography) suggest they could be. Since deeper global connectedness is associated with faster economic growth, China has untapped potential to benefit from strengthening its connections with the rest of the world.

Japan

RCEP will deliver Japan’s first ever free trade agreement (FTA) with China and South Korea, two of its largest trading partners. And that alone makes Japan a clear winner.

“These three tigers of East Asia contribute significantly to overall trade within Asia Pacific, not to mention these countries being critical parts of regional and global value chains,” said Yee. The three countries have had talks on a proposed trilateral agreement, but negotiations had stalled in recent years.

With RCEP, Japan will likely see tariffs eliminated on 86 percent of its industrial exports to China and 92 percent of exports to South Korea. Overall, the deal is predicted to bring Japan US$48 billion (€40 billion) in annual income by 2030, particularly benefiting its automotive and auto parts industries.

DHL Global Connectedness Index 2020 Ranking: Japan

Rank: 44 (+3)

Depth (International flows relative to total activity): 126 (-4)

Breadth (Distribution of international flows across countries): 6 (-2)

Japan ranks in the top 10 underperformers for the depth category. Japan’s depth is higher with respect to outward relative to inward flows. This pattern also shows up in Japan’s trade surplus as well as its foreign direct investment.

Overall, Japan invests much more abroad than it is receives in direct investment from abroad. In fact, Japan ranks 168th of 169 for inward FDI stock, while placing 13th of 158 in FDI outflows.

South Korea

The East Asian country’s win mainly comes in the form of a forecast US$23 billion (€19.2 billion) extra income by 2030. But it might get more through improved relations, particularly with Japan.

The two countries have had political conflicts that have spilled over into their trade relations. Their recent row led Japan to tighten its rules for exporting three important chemicals to South Korea.

Their greater economic integration could cause the two countries to think twice before responding to political tensions with punitive trade actions, according to Kyle Ferrier, a Fellow and Director of Academic Affairs at the Korea Economic Institute of America.

“While further cooperation on trade cannot be an effective substitute for addressing difficult historical issues, it may help incentivize leaders in both Tokyo and Seoul to avert future downward spirals in the relationship,” he said.

According to Elms, RCEP is a pragmatic grouping — members realize that conflict in one area does not automatically preclude cooperation or consultation in another.

“The grouping is largely made up of export-oriented countries that recognize the benefits of both trade and keeping options open,” said Elms.

DHL Global Connectedness Index 2020 Ranking: South Korea

Rank: 22 (+1)

Depth (International flows relative to total activity): 78 (+6)

Breadth (Distribution of international flows across countries): 5 (0)

Considering South Korea’s export-led economy, the signing of RCEP could further enhance its level of global connectedness as it opens up more opportunities for multilateral trade between 15 member countries.

“The agreement will foster substantial growth for South Korea’s carmakers and steelmakers. Small and medium-sized enterprises (SMEs) and technology firms, such as online games and entertainment businesses, are also anticipated to benefit from a possible expansion of their presence into Southeast Asia,” said ByungKoo Han, Country Manager, DHL Express Korea.

“The lowering of barriers to foreign direct investment for some member countries in certain industries will further boost up the international flow of capital from South Korea, which in turn will improve its level of global connectedness,” he added.

Losers

United States

Without an existing free trade deal with ASEAN, the absence of the U.S. from the bloc will reduce its trade opportunities in Asia Pacific. Collectively, non-members like the U.S. could lose as much as US$48 billion (€40 billion) a year from reduced trade with RCEP members.

But more critical than any economic loss is the potential for the deal to further diminish American influence in the region as RCEP members integrate and become more interdependent.

In response to the RCEP, U.S. President-elect Joe Biden recently said that the U.S and its allies need to be able to set global trading rules.
In response to the RCEP, U.S. President-elect Joe Biden recently said that the U.S and its allies need to be able to set global trading rules. (Photo: Shutterstock)

“Through the prism of U.S.–China rivalry, Washington has clearly lost out in the present situation,” said Rocky Intan, a researcher at the Centre for Strategic and International Studies in Indonesia.

However, things may change under President-elect Joe Biden’s administration. “We make up 25 percent of the world’s trading capacity, of the economy of the world. We need to be aligned with the other democracies – another 25 percent or more – so that we can set the rules of the road,” said Biden about the RCEP last November.

DHL Global Connectedness Index 2020 Ranking: United States

Rank: 37 (-2)

Depth (International flows relative to total activity): 117 (-6)

Breadth (Distribution of international flows across countries): 2 (0)

The U.S. continues to be the largest economy in the world in market exchange rate terms, and its size and location contribute to its focus on domestic rather than international flows. The flows that do cross the U.S.’ borders, however, are among the most broadly distributed, reflecting the U.S.’ strong ties to countries both within and beyond its region.

Despite its poor performance on trade depth, the U.S. shows strength within the capital and information measurements of the index, ranking in the top 10 of both.

India

India is also not part of the agreement due to perceptions that RCEP would provide more disadvantages than benefits. In particular, there were concerns that joining the bloc would create a de facto trade pact with China and flood India’s market with cheap Chinese goods, worsening its deficit with China.

India quit RCEP negotiations in 2019, a decision that could cost it US$6 billion (€5 billion) in annual income by 2030 and potentially make it a less attractive alternative for production.

“The exit of India from the negotiations is a significant loss for RCEP. The size and dynamism of the Indian economy would have provided significant boost to RCEP’s attractiveness,” said Yee.

The country can still choose to join the bloc as soon as it comes into force. However, Elms believes India is not coming back. “Not under [Prime Minister Narendra] Modi and probably not in my lifetime. Maybe that’s an exaggeration, but it will take time for India to return, if it happens at all,” she said.

DHL Global Connectedness Index 2020 Ranking: India

Rank: 81 (0)

Depth (International flows relative to total activity): 162 (+1)

Breadth (Distribution of international flows across countries): 16 (-1)

In the years following the global financial crisis, India was a significant overperformer on the index, but over time, its score has come closer to expectations based on structural characteristics. This reflects continued outperformance on breadth and increasing underperformance on depth, where it was once an outperformer.

Stronger performance on the depth dimension of the index is associated with faster economic growth, so India could likely benefit from turning this trend around.

Taiwan

Although more than 70 percent of export shipments from Taiwan to RCEP countries are already tariff-free, export-dependent Taiwan will miss out on trade opportunities with RCEP members. By the PIIE’s estimate, Taiwan would lose 0.4 percent in annual real income from reduced trade.

Taiwanese economic authorities are also wary of the intense competition its petrochemical, upstream textile, and machine tool industries would face from Japanese and South Korean producers.

With Japan’s and South Korea’s lower tariffs under RCEP, their products would enjoy a competitive advantage in China.

“Most of the ASEAN countries already have FTAs with Japan, South Korea, and China,” said Taiwanese Minister of Economic Affairs Wang Mei-hua. “The bigger deal is, with RCEP, China and Japan now effectively have an FTA, as do South Korea and Japan.”

According to the Economic and Trade Negotiation Office of the Executive Yuan, the government is working on alternative options including joining the CPTPP, of which many of the member countries are Taiwan’s top trade partners. The office predicts that Taiwan will be able to expand its export market and drive GDP growth by at least 0.52 percent if they successfully join the agreement.

DHL Global Connectedness Index 2020 Ranking: Taiwan

Rank: 19 (+5)

Depth (International flows relative to total activity): 22 (+3)

Breadth (Distribution of international flows across countries): 35 (+1)

“In the Asia Pacific region, Taiwan’s overall performance is comparatively stable in terms of regulations, policies, and overall economic environment,” said Yung C. Ooi, Managing Director, DHL Express Taiwan.

“Being primarily an export market, Taiwanese companies have always been able to adapt quickly to changing environments. This year’s pandemic has also proven that Taiwan can manage public health crises exceptionally well, which in a way enhances the competitive advantage of Taiwanese companies,” he added.

 

 

Find out more about the individual country rankings in DHL’s Global Connectedness Index 2020:

RELATED ARTICLES


DHL Global Connectedness Index 2020
The DHL Global Connectedness Index measures globalization based on international flows of trade, capital, information, and people.

[post_title] => World’s largest trade deal: Who are the winners and losers? [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => worlds-largest-trade-deal-who-are-the-winners-and-losers [to_ping] => [pinged] => [post_modified] => 2022-09-28 11:18:05 [post_modified_gmt] => 2022-09-28 03:18:05 [post_content_filtered] => [post_parent] => 0 [guid] => https://lot.dhl.com/?p=9647 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [custom] => Array ( [thumbnail] => [title] => [excerpt] => [cta] => Read more [linkmail] => [cta_url] => [email_address] => [outbound_email_subject] => ) ) ) ) [2] => Array ( [acf_fc_layout] => wysiwyg [wysiwyg] =>

Is e-commerce covered in the RCEP?

A section of the RCEP recognizes that a significant level of commerce takes place within the digital space. The RCEP requires creating a conducive legal framework for this sector, including personal data protection, consumer protection, rules on the location of computing facilities, cross-border data flows, and enabling electronic authentications and signatures.

Some of these are controversial areas, and the first commitments of their kind anywhere. In comparison, the European Union (EU) has been negotiating rules on cross-border data flows within member states in recent years, but has yet found little progress.

However, RCEP is silent on how it would treat the taxation of commerce undertaken in the digital space. Some countries have unilaterally imposed taxes on services and goods sold in the digital space.

E-commerce RCEP trade deal

Also, there are discussions in parts of Asia Pacific to impose and collect taxes for ‘de minimis’ shipments at the border.

This would significantly increase trade processing costs, even if the tax revenue obtained were unjustifiably low. Doing so will only adversely impact a nascent e-commerce sector with much growth potential.

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How will RCEP affect ASEAN manufacturers and shippers?

Now is the time for them to start planning how RCEP will impact their business operations. Supply chain restructuring does not occur overnight and will require some time and foresight.

Any restructuring realized should be scheduled in tandem with RCEP tariff reductions to benefit their business margins.

In the medium to longer-term, RCEP sets the stage for a continued global and regional trade commitment. Its negotiators have touted it as a ‘living agreement’, which can evolve to consider present-day and new trends.

These are important policy commitments to ensure that the region’s economic environment continues to be conducive for businesses to thrive and for DHL, as the world’s leading global trade facilitator, to continue to achieve our goal of “Connecting People, Improving Lives”.

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            [field_data_translated] => 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
        )

    [7] => stdClass Object
        (
            [field_data] => 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            [field_data_translated] => 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            [field_data] => <p>The Regional Comprehensive Economic Partnership (RCEP) Agreement is a free trade agreement (FTA) of 15 countries to broaden and deepen South East Asia’s (ASEAN) engagement with Australia, China, Japan, Korea, and New Zealand.</p>
<p>The agreement, signed on 15 November 2020, has been a decade in the making. Negotiations saw several twists and turns, highlighting deep-seated geopolitical sensitivities between countries with diverse levels of economic development and political systems.</p>
<p>Still, this marks the first FTA involving economic power-houses of East Asia: China, Japan, and South Korea. Despite years of talks, these countries have never succeeded in establishing a free trade arrangement. Here are a few key elements of the deal that will make or break how much of a game-changer RCEP really will be, especially for importers and exporters in ASEAN.</p>
<figure id="attachment_13982" aria-describedby="caption-attachment-13982" style="width: 2560px" class="wp-caption alignnone"><img loading="lazy" class="wp-image-13982 size-full" src="https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-scaled.jpg" alt="ASEAN countries RCEP trade deal" width="2560" height="1707" srcset="https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-scaled.jpg 2560w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-300x200.jpg 300w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-1024x683.jpg 1024w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-768x512.jpg 768w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-1536x1024.jpg 1536w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-2048x1365.jpg 2048w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-1013x675.jpg 1013w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-150x100.jpg 150w" sizes="(max-width: 2560px) 100vw, 2560px" /><figcaption id="caption-attachment-13982" class="wp-caption-text">(Photo: Shutterstock)</figcaption></figure>
<h2><strong>Firstly, what’s the RCEP in a nutshell?</strong></h2>
<p>It covers all the usual suspects of a typical FTA, among others:</p>
<ul>
<li>Progressive tariff reductions among participating countries</li>
<li>Trade facilitation commitments like customs procedures, addressing non-tariff measures like technical barriers or sanitary measures</li>
<li>Trade in services commitments like telecommunications, financial and professional services</li>
<li>A consolidated regional list of disallowed sectors for investment (‘negative list’)</li>
</ul>
<p>This is the first FTA involving economic powerhouses of East Asia: China, Japan, and South Korea. These countries contribute significantly to overall trade within Asia-Pacific, not to mention these countries being critical parts of regional and global value chains.</p>
<p>Crucially, the RCEP is inclusive enough to include less developed parts of Asia Pacific, such as Cambodia, Laos, and Myanmar. Its ability to cater to its contracting parties&#8217; diverse development needs is important to ensure all parties’ requirements are taken into account, without necessarily diluting its efficacy or benefits.</p>
<figure id="attachment_13983" aria-describedby="caption-attachment-13983" style="width: 2560px" class="wp-caption alignnone"><img loading="lazy" class="size-full wp-image-13983" src="https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-scaled.jpg" alt="Myanmar skylline" width="2560" height="1708" srcset="https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-scaled.jpg 2560w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-300x200.jpg 300w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-1024x683.jpg 1024w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-768x512.jpg 768w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-1536x1025.jpg 1536w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-2048x1366.jpg 2048w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-1012x675.jpg 1012w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-150x100.jpg 150w" sizes="(max-width: 2560px) 100vw, 2560px" /><figcaption id="caption-attachment-13983" class="wp-caption-text">(Photo: Shutterstock)</figcaption></figure>
<p>However, Asia Pacific is already a hotbed of a complex maze of free trade agreements, some bilateral, many plurilateral.</p>
<p>Many of these FTAs have different rules, which are complicated and disincentivizes their use. RCEP simplifies this into a single set of rules of origin, standardizing the requirements across the board and leveling the playing field for all.</p>
<p>Ideally, this will hopefully augment the understanding of complicated rules of origin in a typical FTA, promote trade and encourage foreign direct investments.</p>
<h2><strong>How does the RCEP expedite intra-ASEAN logistics?</strong></h2>
<p>RCEP recognizes “express clearance” and commits participating countries to clear such shipments within a maximum of six hours of arrival, subject to the necessary documentation submitted.</p>
<p>While six hours may seem like an eternity for some countries, particularly for international express delivery companies like DHL, the recognition that some shipments are ‘express’ and should hence be differentiated from standard freight is an important policy commitment.</p>
<p><img loading="lazy" class="alignnone size-full wp-image-13984" src="https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-scaled.jpg" alt="Customs officials" width="2560" height="1706" srcset="https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-scaled.jpg 2560w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-300x200.jpg 300w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-1024x683.jpg 1024w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-768x512.jpg 768w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-1536x1024.jpg 1536w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-2048x1365.jpg 2048w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-1013x675.jpg 1013w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-150x100.jpg 150w" sizes="(max-width: 2560px) 100vw, 2560px" /></p>
<p>Often, we engage customs authorities to recognize the unique needs of express clearances, and not treat such shipments as general freight. This has allowed DHL to clear low-value shipments as either duty-exempt, or with simplified clearance requirements in many countries, supporting trade facilitation in these markets.</p>
<p>Once established, this also means that customs authorities recognize these nuances in future regulations without compromising customs control.</p>
<p>The commitment to countries to enhance other types of customs trade facilitation in RCEP is equally important. These include the ability to request for a ruling on Harmonized System (HS) codes, rules of origin, customs valuation, and the reiteration of risk management principles.</p>
<p>Some of these commitments are “WTO-plus” , meaning they go beyond those in the World Trade Organization’s Agreement on Trade Facilitation, made by these countries.</p>
<p><strong>RELATED ARTICLES</strong></p><p><a href="https://lot.dhl.com/worlds-largest-trade-deal-who-are-the-winners-and-losers/"><figure><img src="https://lot.dhl.com/wp-content/uploads/2020/12/Article-Key-Image_1766384645.jpg"/></figure></a><br/><a href="https://lot.dhl.com/worlds-largest-trade-deal-who-are-the-winners-and-losers/"><strong>World’s largest trade deal: Who are the winners and losers?</strong></a><br/>Not all members of the Regional Comprehensive Economic Partnership will get an equal share of the pie.</p><h2><strong>Is e-commerce covered in the RCEP? </strong></h2>
<p>A section of the RCEP recognizes that a significant level of commerce takes place within the digital space. The RCEP requires creating a conducive legal framework for this sector, including personal data protection, consumer protection, rules on the location of computing facilities, cross-border data flows, and enabling electronic authentications and signatures.</p>
<p>Some of these are controversial areas, and the first commitments of their kind anywhere. In comparison, the European Union (EU) has been negotiating rules on cross-border data flows within member states in recent years, but has yet found little progress.</p>
<p>However, RCEP is silent on how it would treat the taxation of commerce undertaken in the digital space. Some countries have unilaterally imposed taxes on services and goods sold in the digital space.</p>
<p><img loading="lazy" class="alignnone size-full wp-image-13665" src="https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small.jpg" alt="E-commerce RCEP trade deal" width="1280" height="853" srcset="https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small.jpg 1280w, https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small-300x200.jpg 300w, https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small-768x512.jpg 768w, https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small-1024x683.jpg 1024w, https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small-1013x675.jpg 1013w" sizes="(max-width: 1280px) 100vw, 1280px" /></p>
<p>Also, there are discussions in parts of Asia Pacific to impose and collect taxes for <em><a href="https://lot.dhl.com/glossary/de-minimis/#:~:text=Trinkets%2C%20postcards%2C%20or%20even%20sweets,it%20does%20not%20claim%20duties.">‘de minimis’</a> </em>shipments at the border.</p>
<p>This would significantly increase trade processing costs, even if the tax revenue obtained were unjustifiably low. Doing so will only adversely impact a nascent e-commerce sector with much growth potential.</p>
<p><strong>RELATED ARTICLES</strong></p><p><a href="http://dhl.com/gci"><figure><img src="https://lot.dhl.com/wp-content/uploads/2020/12/GCI-cover-thumbnail.jpg"/></figure></a><br/><a href="http://dhl.com/gci"><strong> DHL Global Connectedness Index 2020</strong></a><br/>The DHL Global Connectedness Index measures globalization based on international flows of trade, capital, information, and people.</p><h2><strong>How will RCEP affect ASEAN manufacturers and shippers? </strong></h2>
<p>Now is the time for them to start planning how RCEP will impact their business operations. Supply chain restructuring does not occur overnight and will require some time and foresight.</p>
<p>Any restructuring realized should be scheduled in tandem with RCEP tariff reductions to benefit their business margins.</p>
<p>In the medium to longer-term, RCEP sets the stage for a continued global and regional trade commitment. Its negotiators have touted it as a ‘living agreement’, which can evolve to consider present-day and new trends.</p>
<p>These are important policy commitments to ensure that the region’s economic environment continues to be conducive for businesses to thrive and for DHL, as the world’s leading global trade facilitator, to continue to achieve our goal of “Connecting People, Improving Lives”.</p>

            [field_data_translated] => <p>The Regional Comprehensive Economic Partnership (RCEP) Agreement is a free trade agreement (FTA) of 15 countries to broaden and deepen South East Asia’s (ASEAN) engagement with Australia, China, Japan, Korea, and New Zealand.</p>
<p>The agreement, signed on 15 November 2020, has been a decade in the making. Negotiations saw several twists and turns, highlighting deep-seated geopolitical sensitivities between countries with diverse levels of economic development and political systems.</p>
<p>Still, this marks the first FTA involving economic power-houses of East Asia: China, Japan, and South Korea. Despite years of talks, these countries have never succeeded in establishing a free trade arrangement. Here are a few key elements of the deal that will make or break how much of a game-changer RCEP really will be, especially for importers and exporters in ASEAN.</p>
<figure id="attachment_13982" aria-describedby="caption-attachment-13982" style="width: 2560px" class="wp-caption alignnone"><img loading="lazy" class="wp-image-13982 size-full" src="https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-scaled.jpg" alt="ASEAN countries RCEP trade deal" width="2560" height="1707" srcset="https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-scaled.jpg 2560w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-300x200.jpg 300w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-1024x683.jpg 1024w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-768x512.jpg 768w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-1536x1024.jpg 1536w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-2048x1365.jpg 2048w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-1013x675.jpg 1013w, https://lot.dhl.com/wp-content/uploads/2021/02/ASEAN-countries-RCEP-trade-deal-150x100.jpg 150w" sizes="(max-width: 2560px) 100vw, 2560px" /><figcaption id="caption-attachment-13982" class="wp-caption-text">(Photo: Shutterstock)</figcaption></figure>
<h2><strong>Firstly, what’s the RCEP in a nutshell?</strong></h2>
<p>It covers all the usual suspects of a typical FTA, among others:</p>
<ul>
<li>Progressive tariff reductions among participating countries</li>
<li>Trade facilitation commitments like customs procedures, addressing non-tariff measures like technical barriers or sanitary measures</li>
<li>Trade in services commitments like telecommunications, financial and professional services</li>
<li>A consolidated regional list of disallowed sectors for investment (‘negative list’)</li>
</ul>
<p>This is the first FTA involving economic powerhouses of East Asia: China, Japan, and South Korea. These countries contribute significantly to overall trade within Asia-Pacific, not to mention these countries being critical parts of regional and global value chains.</p>
<p>Crucially, the RCEP is inclusive enough to include less developed parts of Asia Pacific, such as Cambodia, Laos, and Myanmar. Its ability to cater to its contracting parties&#8217; diverse development needs is important to ensure all parties’ requirements are taken into account, without necessarily diluting its efficacy or benefits.</p>
<figure id="attachment_13983" aria-describedby="caption-attachment-13983" style="width: 2560px" class="wp-caption alignnone"><img loading="lazy" class="size-full wp-image-13983" src="https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-scaled.jpg" alt="Myanmar skylline" width="2560" height="1708" srcset="https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-scaled.jpg 2560w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-300x200.jpg 300w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-1024x683.jpg 1024w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-768x512.jpg 768w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-1536x1025.jpg 1536w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-2048x1366.jpg 2048w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-1012x675.jpg 1012w, https://lot.dhl.com/wp-content/uploads/2021/02/Myanmar-skyline-150x100.jpg 150w" sizes="(max-width: 2560px) 100vw, 2560px" /><figcaption id="caption-attachment-13983" class="wp-caption-text">(Photo: Shutterstock)</figcaption></figure>
<p>However, Asia Pacific is already a hotbed of a complex maze of free trade agreements, some bilateral, many plurilateral.</p>
<p>Many of these FTAs have different rules, which are complicated and disincentivizes their use. RCEP simplifies this into a single set of rules of origin, standardizing the requirements across the board and leveling the playing field for all.</p>
<p>Ideally, this will hopefully augment the understanding of complicated rules of origin in a typical FTA, promote trade and encourage foreign direct investments.</p>
<h2><strong>How does the RCEP expedite intra-ASEAN logistics?</strong></h2>
<p>RCEP recognizes “express clearance” and commits participating countries to clear such shipments within a maximum of six hours of arrival, subject to the necessary documentation submitted.</p>
<p>While six hours may seem like an eternity for some countries, particularly for international express delivery companies like DHL, the recognition that some shipments are ‘express’ and should hence be differentiated from standard freight is an important policy commitment.</p>
<p><img loading="lazy" class="alignnone size-full wp-image-13984" src="https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-scaled.jpg" alt="Customs officials" width="2560" height="1706" srcset="https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-scaled.jpg 2560w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-300x200.jpg 300w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-1024x683.jpg 1024w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-768x512.jpg 768w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-1536x1024.jpg 1536w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-2048x1365.jpg 2048w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-1013x675.jpg 1013w, https://lot.dhl.com/wp-content/uploads/2021/02/Customs-officials-150x100.jpg 150w" sizes="(max-width: 2560px) 100vw, 2560px" /></p>
<p>Often, we engage customs authorities to recognize the unique needs of express clearances, and not treat such shipments as general freight. This has allowed DHL to clear low-value shipments as either duty-exempt, or with simplified clearance requirements in many countries, supporting trade facilitation in these markets.</p>
<p>Once established, this also means that customs authorities recognize these nuances in future regulations without compromising customs control.</p>
<p>The commitment to countries to enhance other types of customs trade facilitation in RCEP is equally important. These include the ability to request for a ruling on Harmonized System (HS) codes, rules of origin, customs valuation, and the reiteration of risk management principles.</p>
<p>Some of these commitments are “WTO-plus” , meaning they go beyond those in the World Trade Organization’s Agreement on Trade Facilitation, made by these countries.</p>
<p><strong>RELATED ARTICLES</strong></p><p><a href="https://lot.dhl.com/worlds-largest-trade-deal-who-are-the-winners-and-losers/"><figure><img src="https://lot.dhl.com/wp-content/uploads/2020/12/Article-Key-Image_1766384645.jpg"/></figure></a><br/><a href="https://lot.dhl.com/worlds-largest-trade-deal-who-are-the-winners-and-losers/"><strong>World’s largest trade deal: Who are the winners and losers?</strong></a><br/>Not all members of the Regional Comprehensive Economic Partnership will get an equal share of the pie.</p><h2><strong>Is e-commerce covered in the RCEP? </strong></h2>
<p>A section of the RCEP recognizes that a significant level of commerce takes place within the digital space. The RCEP requires creating a conducive legal framework for this sector, including personal data protection, consumer protection, rules on the location of computing facilities, cross-border data flows, and enabling electronic authentications and signatures.</p>
<p>Some of these are controversial areas, and the first commitments of their kind anywhere. In comparison, the European Union (EU) has been negotiating rules on cross-border data flows within member states in recent years, but has yet found little progress.</p>
<p>However, RCEP is silent on how it would treat the taxation of commerce undertaken in the digital space. Some countries have unilaterally imposed taxes on services and goods sold in the digital space.</p>
<p><img loading="lazy" class="alignnone size-full wp-image-13665" src="https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small.jpg" alt="E-commerce RCEP trade deal" width="1280" height="853" srcset="https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small.jpg 1280w, https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small-300x200.jpg 300w, https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small-768x512.jpg 768w, https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small-1024x683.jpg 1024w, https://lot.dhl.com/wp-content/uploads/2021/05/dpdhl_1032003_39843_18_09_DHL_30915_small-1013x675.jpg 1013w" sizes="(max-width: 1280px) 100vw, 1280px" /></p>
<p>Also, there are discussions in parts of Asia Pacific to impose and collect taxes for <em><a href="https://lot.dhl.com/glossary/de-minimis/#:~:text=Trinkets%2C%20postcards%2C%20or%20even%20sweets,it%20does%20not%20claim%20duties.">‘de minimis’</a> </em>shipments at the border.</p>
<p>This would significantly increase trade processing costs, even if the tax revenue obtained were unjustifiably low. Doing so will only adversely impact a nascent e-commerce sector with much growth potential.</p>
<p><strong>RELATED ARTICLES</strong></p><p><a href="http://dhl.com/gci"><figure><img src="https://lot.dhl.com/wp-content/uploads/2020/12/GCI-cover-thumbnail.jpg"/></figure></a><br/><a href="http://dhl.com/gci"><strong> DHL Global Connectedness Index 2020</strong></a><br/>The DHL Global Connectedness Index measures globalization based on international flows of trade, capital, information, and people.</p><h2><strong>How will RCEP affect ASEAN manufacturers and shippers? </strong></h2>
<p>Now is the time for them to start planning how RCEP will impact their business operations. Supply chain restructuring does not occur overnight and will require some time and foresight.</p>
<p>Any restructuring realized should be scheduled in tandem with RCEP tariff reductions to benefit their business margins.</p>
<p>In the medium to longer-term, RCEP sets the stage for a continued global and regional trade commitment. Its negotiators have touted it as a ‘living agreement’, which can evolve to consider present-day and new trends.</p>
<p>These are important policy commitments to ensure that the region’s economic environment continues to be conducive for businesses to thrive and for DHL, as the world’s leading global trade facilitator, to continue to achieve our goal of “Connecting People, Improving Lives”.</p>

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    [http://dhl.com/gci] => http://dhl.com/gci
    [What the RCEP trade deal means for ASEAN importers and exporters] => What the RCEP trade deal means for ASEAN importers and exporters
    [Raymond Yee, DHL Express’ Vice-President of Customs and Regulatory Affairs for South East Asia and South Asia, explains what the RCEP will mean for ASEAN importers and exporters.] => Raymond Yee, DHL Express’ Vice-President of Customs and Regulatory Affairs for South East Asia and South Asia, explains what the RCEP will mean for ASEAN importers and exporters.
    [Raymond Yee, Vice-President of Customs and Regulatory Affairs for DHL Express South East Asia and South Asia, reveals how the RCEP will affect ASEAN trade.] => Raymond Yee, Vice-President of Customs and Regulatory Affairs for DHL Express South East Asia and South Asia, reveals how the RCEP will affect ASEAN trade.
    [Is e-commerce covered in the RCEP? 
A section of the RCEP recognizes that a significant level of commerce takes place within the digital space. The RCEP requires creating a conducive legal framework for this sector, including personal data protection, consumer protection, rules on the location of computing facilities, cross-border data flows, and enabling electronic authentications and signatures.

Some of these are controversial areas, and the first commitments of their kind anywhere. In comparison, the European Union (EU) has been negotiating rules on cross-border data flows within member states in recent years, but has yet found little progress.

However, RCEP is silent on how it would treat the taxation of commerce undertaken in the digital space. Some countries have unilaterally imposed taxes on services and goods sold in the digital space.



Also, there are discussions in parts of Asia Pacific to impose and collect taxes for ‘de minimis’ shipments at the border.

This would significantly increase trade processing costs, even if the tax revenue obtained were unjustifiably low. Doing so will only adversely impact a nascent e-commerce sector with much growth potential.] => 

Is e-commerce covered in the RCEP?

A section of the RCEP recognizes that a significant level of commerce takes place within the digital space. The RCEP requires creating a conducive legal framework for this sector, including personal data protection, consumer protection, rules on the location of computing facilities, cross-border data flows, and enabling electronic authentications and signatures. Some of these are controversial areas, and the first commitments of their kind anywhere. In comparison, the European Union (EU) has been negotiating rules on cross-border data flows within member states in recent years, but has yet found little progress. However, RCEP is silent on how it would treat the taxation of commerce undertaken in the digital space. Some countries have unilaterally imposed taxes on services and goods sold in the digital space. E-commerce RCEP trade deal Also, there are discussions in parts of Asia Pacific to impose and collect taxes for ‘de minimis’ shipments at the border. This would significantly increase trade processing costs, even if the tax revenue obtained were unjustifiably low. Doing so will only adversely impact a nascent e-commerce sector with much growth potential. [How will RCEP affect ASEAN manufacturers and shippers? Now is the time for them to start planning how RCEP will impact their business operations. Supply chain restructuring does not occur overnight and will require some time and foresight. Any restructuring realized should be scheduled in tandem with RCEP tariff reductions to benefit their business margins. In the medium to longer-term, RCEP sets the stage for a continued global and regional trade commitment. Its negotiators have touted it as a ‘living agreement’, which can evolve to consider present-day and new trends. These are important policy commitments to ensure that the region’s economic environment continues to be conducive for businesses to thrive and for DHL, as the world’s leading global trade facilitator, to continue to achieve our goal of “Connecting People, Improving Lives”.] =>

How will RCEP affect ASEAN manufacturers and shippers?

Now is the time for them to start planning how RCEP will impact their business operations. Supply chain restructuring does not occur overnight and will require some time and foresight. Any restructuring realized should be scheduled in tandem with RCEP tariff reductions to benefit their business margins. In the medium to longer-term, RCEP sets the stage for a continued global and regional trade commitment. Its negotiators have touted it as a ‘living agreement’, which can evolve to consider present-day and new trends. These are important policy commitments to ensure that the region’s economic environment continues to be conducive for businesses to thrive and for DHL, as the world’s leading global trade facilitator, to continue to achieve our goal of “Connecting People, Improving Lives”. [The Regional Comprehensive Economic Partnership (RCEP) Agreement is a free trade agreement (FTA) of 15 countries to broaden and deepen South East Asia’s (ASEAN) engagement with Australia, China, Japan, Korea, and New Zealand. The agreement, signed on 15 November 2020, has been a decade in the making. Negotiations saw several twists and turns, highlighting deep-seated geopolitical sensitivities between countries with diverse levels of economic development and political systems. Still, this marks the first FTA involving economic power-houses of East Asia: China, Japan, and South Korea. Despite years of talks, these countries have never succeeded in establishing a free trade arrangement. Here are a few key elements of the deal that will make or break how much of a game-changer RCEP really will be, especially for importers and exporters in ASEAN. [caption id="attachment_13982" align="alignnone" width="2560"] (Photo: Shutterstock)[/caption] Firstly, what’s the RCEP in a nutshell? It covers all the usual suspects of a typical FTA, among others: Progressive tariff reductions among participating countries Trade facilitation commitments like customs procedures, addressing non-tariff measures like technical barriers or sanitary measures Trade in services commitments like telecommunications, financial and professional services A consolidated regional list of disallowed sectors for investment (‘negative list’) This is the first FTA involving economic powerhouses of East Asia: China, Japan, and South Korea. These countries contribute significantly to overall trade within Asia-Pacific, not to mention these countries being critical parts of regional and global value chains. Crucially, the RCEP is inclusive enough to include less developed parts of Asia Pacific, such as Cambodia, Laos, and Myanmar. Its ability to cater to its contracting parties' diverse development needs is important to ensure all parties’ requirements are taken into account, without necessarily diluting its efficacy or benefits. [caption id="attachment_13983" align="alignnone" width="2560"] {%CAPTION%}[/caption] However, Asia Pacific is already a hotbed of a complex maze of free trade agreements, some bilateral, many plurilateral. Many of these FTAs have different rules, which are complicated and disincentivizes their use. RCEP simplifies this into a single set of rules of origin, standardizing the requirements across the board and leveling the playing field for all. Ideally, this will hopefully augment the understanding of complicated rules of origin in a typical FTA, promote trade and encourage foreign direct investments. How does the RCEP expedite intra-ASEAN logistics? RCEP recognizes “express clearance” and commits participating countries to clear such shipments within a maximum of six hours of arrival, subject to the necessary documentation submitted. While six hours may seem like an eternity for some countries, particularly for international express delivery companies like DHL, the recognition that some shipments are ‘express’ and should hence be differentiated from standard freight is an important policy commitment. Often, we engage customs authorities to recognize the unique needs of express clearances, and not treat such shipments as general freight. This has allowed DHL to clear low-value shipments as either duty-exempt, or with simplified clearance requirements in many countries, supporting trade facilitation in these markets. Once established, this also means that customs authorities recognize these nuances in future regulations without compromising customs control. The commitment to countries to enhance other types of customs trade facilitation in RCEP is equally important. These include the ability to request for a ruling on Harmonized System (HS) codes, rules of origin, customs valuation, and the reiteration of risk management principles. Some of these commitments are “WTO-plus” , meaning they go beyond those in the World Trade Organization’s Agreement on Trade Facilitation, made by these countries.] => The Regional Comprehensive Economic Partnership (RCEP) Agreement is a free trade agreement (FTA) of 15 countries to broaden and deepen South East Asia’s (ASEAN) engagement with Australia, China, Japan, Korea, and New Zealand. The agreement, signed on 15 November 2020, has been a decade in the making. Negotiations saw several twists and turns, highlighting deep-seated geopolitical sensitivities between countries with diverse levels of economic development and political systems. Still, this marks the first FTA involving economic power-houses of East Asia: China, Japan, and South Korea. Despite years of talks, these countries have never succeeded in establishing a free trade arrangement. Here are a few key elements of the deal that will make or break how much of a game-changer RCEP really will be, especially for importers and exporters in ASEAN. [caption id="attachment_13982" align="alignnone" width="2560"]{%ALT_TEXT%} (Photo: Shutterstock)[/caption]

Firstly, what’s the RCEP in a nutshell?

It covers all the usual suspects of a typical FTA, among others:
  • Progressive tariff reductions among participating countries
  • Trade facilitation commitments like customs procedures, addressing non-tariff measures like technical barriers or sanitary measures
  • Trade in services commitments like telecommunications, financial and professional services
  • A consolidated regional list of disallowed sectors for investment (‘negative list’)
This is the first FTA involving economic powerhouses of East Asia: China, Japan, and South Korea. These countries contribute significantly to overall trade within Asia-Pacific, not to mention these countries being critical parts of regional and global value chains. Crucially, the RCEP is inclusive enough to include less developed parts of Asia Pacific, such as Cambodia, Laos, and Myanmar. Its ability to cater to its contracting parties' diverse development needs is important to ensure all parties’ requirements are taken into account, without necessarily diluting its efficacy or benefits. [caption id="attachment_13983" align="alignnone" width="2560"]{%ALT_TEXT%} {%CAPTION%}[/caption] However, Asia Pacific is already a hotbed of a complex maze of free trade agreements, some bilateral, many plurilateral. Many of these FTAs have different rules, which are complicated and disincentivizes their use. RCEP simplifies this into a single set of rules of origin, standardizing the requirements across the board and leveling the playing field for all. Ideally, this will hopefully augment the understanding of complicated rules of origin in a typical FTA, promote trade and encourage foreign direct investments.

How does the RCEP expedite intra-ASEAN logistics?

RCEP recognizes “express clearance” and commits participating countries to clear such shipments within a maximum of six hours of arrival, subject to the necessary documentation submitted. While six hours may seem like an eternity for some countries, particularly for international express delivery companies like DHL, the recognition that some shipments are ‘express’ and should hence be differentiated from standard freight is an important policy commitment. Customs officials Often, we engage customs authorities to recognize the unique needs of express clearances, and not treat such shipments as general freight. This has allowed DHL to clear low-value shipments as either duty-exempt, or with simplified clearance requirements in many countries, supporting trade facilitation in these markets. Once established, this also means that customs authorities recognize these nuances in future regulations without compromising customs control. The commitment to countries to enhance other types of customs trade facilitation in RCEP is equally important. These include the ability to request for a ruling on Harmonized System (HS) codes, rules of origin, customs valuation, and the reiteration of risk management principles. Some of these commitments are “WTO-plus” , meaning they go beyond those in the World Trade Organization’s Agreement on Trade Facilitation, made by these countries. [wysiwyg] => wysiwyg [outbound_box] => outbound_box [DHL Global Connectedness Index 2020] => DHL Global Connectedness Index 2020 [The DHL Global Connectedness Index measures globalization based on international flows of trade, capital, information, and people.] => The DHL Global Connectedness Index measures globalization based on international flows of trade, capital, information, and people. [Read the latest report here] => Read the latest report here [The Regional Comprehensive Economic Partnership (RCEP) Agreement is a free trade agreement (FTA) of 15 countries to broaden and deepen South East Asia’s (ASEAN) engagement with Australia, China, Japan, Korea, and New Zealand. The agreement, signed on 15 November 2020, has been a decade in the making. Negotiations saw several twists and turns, highlighting deep-seated geopolitical sensitivities between countries with diverse levels of economic development and political systems. Still, this marks the first FTA involving economic power-houses of East Asia: China, Japan, and South Korea. Despite years of talks, these countries have never succeeded in establishing a free trade arrangement. Here are a few key elements of the deal that will make or break how much of a game-changer RCEP really will be, especially for importers and exporters in ASEAN. (Photo: Shutterstock) Firstly, what’s the RCEP in a nutshell? It covers all the usual suspects of a typical FTA, among others: Progressive tariff reductions among participating countries Trade facilitation commitments like customs procedures, addressing non-tariff measures like technical barriers or sanitary measures Trade in services commitments like telecommunications, financial and professional services A consolidated regional list of disallowed sectors for investment (‘negative list’) This is the first FTA involving economic powerhouses of East Asia: China, Japan, and South Korea. These countries contribute significantly to overall trade within Asia-Pacific, not to mention these countries being critical parts of regional and global value chains. Crucially, the RCEP is inclusive enough to include less developed parts of Asia Pacific, such as Cambodia, Laos, and Myanmar. Its ability to cater to its contracting parties’ diverse development needs is important to ensure all parties’ requirements are taken into account, without necessarily diluting its efficacy or benefits. (Photo: Shutterstock) However, Asia Pacific is already a hotbed of a complex maze of free trade agreements, some bilateral, many plurilateral. Many of these FTAs have different rules, which are complicated and disincentivizes their use. RCEP simplifies this into a single set of rules of origin, standardizing the requirements across the board and leveling the playing field for all. Ideally, this will hopefully augment the understanding of complicated rules of origin in a typical FTA, promote trade and encourage foreign direct investments. How does the RCEP expedite intra-ASEAN logistics? RCEP recognizes “express clearance” and commits participating countries to clear such shipments within a maximum of six hours of arrival, subject to the necessary documentation submitted. While six hours may seem like an eternity for some countries, particularly for international express delivery companies like DHL, the recognition that some shipments are ‘express’ and should hence be differentiated from standard freight is an important policy commitment. Often, we engage customs authorities to recognize the unique needs of express clearances, and not treat such shipments as general freight. This has allowed DHL to clear low-value shipments as either duty-exempt, or with simplified clearance requirements in many countries, supporting trade facilitation in these markets. Once established, this also means that customs authorities recognize these nuances in future regulations without compromising customs control. The commitment to countries to enhance other types of customs trade facilitation in RCEP is equally important. These include the ability to request for a ruling on Harmonized System (HS) codes, rules of origin, customs valuation, and the reiteration of risk management principles. Some of these commitments are “WTO-plus” , meaning they go beyond those in the World Trade Organization’s Agreement on Trade Facilitation, made by these countries. RELATED ARTICLESWorld’s largest trade deal: Who are the winners and losers?Not all members of the Regional Comprehensive Economic Partnership will get an equal share of the pie.Is e-commerce covered in the RCEP? A section of the RCEP recognizes that a significant level of commerce takes place within the digital space. The RCEP requires creating a conducive legal framework for this sector, including personal data protection, consumer protection, rules on the location of computing facilities, cross-border data flows, and enabling electronic authentications and signatures. Some of these are controversial areas, and the first commitments of their kind anywhere. In comparison, the European Union (EU) has been negotiating rules on cross-border data flows within member states in recent years, but has yet found little progress. However, RCEP is silent on how it would treat the taxation of commerce undertaken in the digital space. Some countries have unilaterally imposed taxes on services and goods sold in the digital space. Also, there are discussions in parts of Asia Pacific to impose and collect taxes for ‘de minimis’ shipments at the border. This would significantly increase trade processing costs, even if the tax revenue obtained were unjustifiably low. Doing so will only adversely impact a nascent e-commerce sector with much growth potential. RELATED ARTICLES DHL Global Connectedness Index 2020The DHL Global Connectedness Index measures globalization based on international flows of trade, capital, information, and people.How will RCEP affect ASEAN manufacturers and shippers? Now is the time for them to start planning how RCEP will impact their business operations. Supply chain restructuring does not occur overnight and will require some time and foresight. Any restructuring realized should be scheduled in tandem with RCEP tariff reductions to benefit their business margins. In the medium to longer-term, RCEP sets the stage for a continued global and regional trade commitment. Its negotiators have touted it as a ‘living agreement’, which can evolve to consider present-day and new trends. These are important policy commitments to ensure that the region’s economic environment continues to be conducive for businesses to thrive and for DHL, as the world’s leading global trade facilitator, to continue to achieve our goal of “Connecting People, Improving Lives”.] =>

The Regional Comprehensive Economic Partnership (RCEP) Agreement is a free trade agreement (FTA) of 15 countries to broaden and deepen South East Asia’s (ASEAN) engagement with Australia, China, Japan, Korea, and New Zealand.

The agreement, signed on 15 November 2020, has been a decade in the making. Negotiations saw several twists and turns, highlighting deep-seated geopolitical sensitivities between countries with diverse levels of economic development and political systems.

Still, this marks the first FTA involving economic power-houses of East Asia: China, Japan, and South Korea. Despite years of talks, these countries have never succeeded in establishing a free trade arrangement. Here are a few key elements of the deal that will make or break how much of a game-changer RCEP really will be, especially for importers and exporters in ASEAN.

ASEAN countries RCEP trade deal
(Photo: Shutterstock)

Firstly, what’s the RCEP in a nutshell?

It covers all the usual suspects of a typical FTA, among others:

  • Progressive tariff reductions among participating countries
  • Trade facilitation commitments like customs procedures, addressing non-tariff measures like technical barriers or sanitary measures
  • Trade in services commitments like telecommunications, financial and professional services
  • A consolidated regional list of disallowed sectors for investment (‘negative list’)

This is the first FTA involving economic powerhouses of East Asia: China, Japan, and South Korea. These countries contribute significantly to overall trade within Asia-Pacific, not to mention these countries being critical parts of regional and global value chains.

Crucially, the RCEP is inclusive enough to include less developed parts of Asia Pacific, such as Cambodia, Laos, and Myanmar. Its ability to cater to its contracting parties’ diverse development needs is important to ensure all parties’ requirements are taken into account, without necessarily diluting its efficacy or benefits.

Myanmar skylline
(Photo: Shutterstock)

However, Asia Pacific is already a hotbed of a complex maze of free trade agreements, some bilateral, many plurilateral.

Many of these FTAs have different rules, which are complicated and disincentivizes their use. RCEP simplifies this into a single set of rules of origin, standardizing the requirements across the board and leveling the playing field for all.

Ideally, this will hopefully augment the understanding of complicated rules of origin in a typical FTA, promote trade and encourage foreign direct investments.

How does the RCEP expedite intra-ASEAN logistics?

RCEP recognizes “express clearance” and commits participating countries to clear such shipments within a maximum of six hours of arrival, subject to the necessary documentation submitted.

While six hours may seem like an eternity for some countries, particularly for international express delivery companies like DHL, the recognition that some shipments are ‘express’ and should hence be differentiated from standard freight is an important policy commitment.

Customs officials

Often, we engage customs authorities to recognize the unique needs of express clearances, and not treat such shipments as general freight. This has allowed DHL to clear low-value shipments as either duty-exempt, or with simplified clearance requirements in many countries, supporting trade facilitation in these markets.

Once established, this also means that customs authorities recognize these nuances in future regulations without compromising customs control.

The commitment to countries to enhance other types of customs trade facilitation in RCEP is equally important. These include the ability to request for a ruling on Harmonized System (HS) codes, rules of origin, customs valuation, and the reiteration of risk management principles.

Some of these commitments are “WTO-plus” , meaning they go beyond those in the World Trade Organization’s Agreement on Trade Facilitation, made by these countries.

RELATED ARTICLES


World’s largest trade deal: Who are the winners and losers?
Not all members of the Regional Comprehensive Economic Partnership will get an equal share of the pie.

Is e-commerce covered in the RCEP?

A section of the RCEP recognizes that a significant level of commerce takes place within the digital space. The RCEP requires creating a conducive legal framework for this sector, including personal data protection, consumer protection, rules on the location of computing facilities, cross-border data flows, and enabling electronic authentications and signatures.

Some of these are controversial areas, and the first commitments of their kind anywhere. In comparison, the European Union (EU) has been negotiating rules on cross-border data flows within member states in recent years, but has yet found little progress.

However, RCEP is silent on how it would treat the taxation of commerce undertaken in the digital space. Some countries have unilaterally imposed taxes on services and goods sold in the digital space.

E-commerce RCEP trade deal

Also, there are discussions in parts of Asia Pacific to impose and collect taxes for ‘de minimis’ shipments at the border.

This would significantly increase trade processing costs, even if the tax revenue obtained were unjustifiably low. Doing so will only adversely impact a nascent e-commerce sector with much growth potential.

RELATED ARTICLES


DHL Global Connectedness Index 2020
The DHL Global Connectedness Index measures globalization based on international flows of trade, capital, information, and people.

How will RCEP affect ASEAN manufacturers and shippers?

Now is the time for them to start planning how RCEP will impact their business operations. Supply chain restructuring does not occur overnight and will require some time and foresight.

Any restructuring realized should be scheduled in tandem with RCEP tariff reductions to benefit their business margins.

In the medium to longer-term, RCEP sets the stage for a continued global and regional trade commitment. Its negotiators have touted it as a ‘living agreement’, which can evolve to consider present-day and new trends.

These are important policy commitments to ensure that the region’s economic environment continues to be conducive for businesses to thrive and for DHL, as the world’s leading global trade facilitator, to continue to achieve our goal of “Connecting People, Improving Lives”.

[] => [what-the-rcep-trade-deal-means-for-asean-importers-and-exporters] => what-the-rcep-trade-deal-means-for-asean-importers-and-exporters [Flags,Of,Southeast,Asia,Countries,,Aec,,Asean,Economic,Community.,That] => Flags,Of,Southeast,Asia,Countries,,Aec,,Asean,Economic,Community.,That [ASEAN countries RCEP trade deal] => ASEAN countries RCEP trade deal [Yangon,Skyline,With,Shwedagon,Pagoda,In,Myanmar] => Yangon,Skyline,With,Shwedagon,Pagoda,In,Myanmar [(Photo: Shutterstock)] => (Photo: Shutterstock) [Myanmar skylline] => Myanmar skylline [Customs officials] => Customs officials [Article Key Image_1766384645] => Article Key Image_1766384645 [dpdhl_1032003_39843_18_09_DHL_30915_small] => dpdhl_1032003_39843_18_09_DHL_30915_small [E-commerce RCEP trade deal] => E-commerce RCEP trade deal [GCI cover thumbnail] => GCI cover thumbnail [Download DHL Global Connectedness Index 2020] => Download DHL Global Connectedness Index 2020 [Raymond Yee2] => Raymond Yee2 [Raymond Yee] => Raymond Yee )