RCEP will take effect next year, and the import tariffs on plastics and their products for 150 tax items will be directly reduced to 0

According to Xinhua News Agency, the RCEP (Regional Comprehensive Economic Partnership) will come into effect on January 1, 2022 for 10 countries including China, Japan, New Zealand, and Australia, marking the world's largest population and largest economic and trade scale.
, The most potential free trade zone will be formed
.

China's tariff commitment to ASEAN member countries will directly reduce the tariffs on plastics and their products for 150 tax items to 0, accounting for as high as 93%! In addition, there are 10 tax items for plastics and their products, which will be reduced from the original 6.
5%-14% base rate to 5%
.

RCEP’s tax reduction modes mainly include four types: zero reduction immediately after the agreement takes effect, zero reduction during the transition period, partial tax reduction, and exempted products
.

The detailed tax reductions on plastics and their products in China's tariff commitments to ASEAN member states are as follows:

List of plastics and their products whose tariffs will be immediately reduced to zero in the first year of the agreement

List of zero-tariff plastics and their products during the transition period (10th year) of the agreement

List of zero-tariff plastics and their products during the transition period (15th year) of the agreement

List of zero-tariff plastics and their products during the transition period (20th year) of the agreement

List of Partial Tax Reductions and Excluded Products of the Agreement and Plastics and Their Products

For the plastics industry, import and export trade is expected to accelerate, and the number and types of import and export products will increase significantly, which will help Chinese enterprises to better participate in the international division of labor and give play to their comparative advantages
.

At the same time, it will also force domestic enterprises to innovate and reform, optimize the business environment, and help China's plastics industry to accelerate the construction of a higher-level open economy
.