May 16 2023

China and Philippines to Implement RCEP Tariffs for Each Other from June

The Customs Tariff Commission of the State Council released on May 15, 2023 the Announcement of the Customs Tariff Commission of the State Council on Implementing the Agreed Tax Rates under the Regional Comprehensive Economic Partnership Agreement ("RCEP") for Certain Imports from the Philippines on the website of the Ministry of Finance.

The Philippines has deposited its Instrument of Ratification of the RCEP Agreement to the Secretary-General of ASEAN and with the deposit, the RCEP will enter into force in the Philippines on June 2, 2023, said the ASEAN Secretariat, the custodian of the RCEP. According to the Announcement, China will implement agreed tax rates applicable to RCEP ASEAN member states for certain imports from Philippines on June 2, 2023, and the annual rates for subsequent years will be implemented on January 1 of each year. With the RCEP coming into force in the Philippines, all 15 members will complete the ratification procedures and implement tariff reductions for each other, and the agreement will enter a new stage of full implementation.