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China joins the RCEP

  • Categories:NEWS
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  • Time of issue:2020-11-21 17:35
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(Summary description)China joins into the RCEP that will bring FSTB a new opportunity to get more themostat from these 14 countries

China joins the RCEP

(Summary description)China joins into the RCEP that will bring FSTB a new
opportunity to get more themostat from these 14 countries

  • Categories:NEWS
  • Author:
  • Origin:
  • Time of issue:2020-11-21 17:35
  • Views:
Information

    RCEP is a free trade agreement initiated by 10 ASEAN countries in 2012, inviting China, Japan, South Korea, Australia, New Zealand and India to join in, aiming to establish a unified market by reducing tariff and non-tariff barriers. Now 15 countries have signed the agreement, including Indonesia, Malaysia, Cambodia, the Philippines, Myanmar, Singapore, Thailand, Brunei, Vietnam, Laos, China, South Korea, Japan, Australia and New Zealand.

   This is a major positive policy for foreign trade enterprises. E-commerce, intellectual property, competition policy, government procurement, small and medium-sized enterprises are all stipulated in the agreement. Enterprises and consumers who need to import raw materials and parts from abroad can enjoy the preferential tariff reduction and exemption. And the threshold of small and medium-sized enterprises to export to the countries in the region is also greatly reduced. The 15 members of RCEP cover 2.3 billion people, and the total GDP exceeds 25 trillion US dollars, accounting for about 25% of the total global trade.

   FSTB began to produce thermostat in 1982. After years of development, there are many cooperative manufacturers at home and abroad, and foreign trade also occupies an important area of FSTB. The signing of RCEP will also bring great opportunities for the export of FSTB. If it is exported to the countries in the member countries and regions, there will be preferential treatment in terms of export procedures and tariff. In this favorable environment, FSTB will strengthen the development of these 14 countries and strive for more orders of Tthermostat.

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