Logistics: Chinese freight train departs for Vietnam after RCEP takes effect
MEKSEA.COM – A freight train departed from South China’s Guangxi Zhuang autonomous region early Saturday for Vietnam, one of the members of the RCEP.
RCEP stands for Regional Comprehensive Economic Partnership. Which is a proposed agreement between the member states of the Association of Southeast Asian Nations (ASEAN) and its free trade agreement (FTA) partners. The pact aims to cover trade in goods and services, intellectual property, etc.
Recently, the X9101 train carrying more than 800 metric tons of cargo left the Nanning international railway port in the regional capital Nanning at 0:05 am on New Year’s Day and is expected to reach Hanoi (Vietnam capital) in 28 hours on the same day after the RCEP agreement took effect.
The enforcement of the RCEP agreement will to a large extent lower the customs duties, said Ma Ziqiang, general manager of a local supply chain service provider that owns the delivered cargo.
According to the RCEP agreement, more than 90 percent of merchandise trade among members that have approved the agreement will eventually be subject to zero tariffs.
RCEP brought more and more opportunities for regional economic integration by increasing trade in Asia – Pacific, including 15 members of ASIAN, China, Japan, Korea, New Zealand and Australia. The 15 states’ total population, gross domestic product and trade all account for about 30 percent of the world total. Especially, this is also a highlight point for the seafood import-export industry in the context of the shipping crisis.
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By Hayati (Meksea Team)
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