THURSDAY, March 28, 2024
nationthailand

Breakthrough reached on RCEP pact

Breakthrough reached on RCEP pact

Delegates negotiating the Regional Comprehensive Economic Partnership (RCEP) have agreed on a basis for certifying the origin of goods at customs checkpoints.


Thailand’s Adul Chotinisakorn said on Monday it was agreed on July 3 that preferential tariff privileges could be granted for products from certified exporters on receipt of a document from the exporter or manufacturer proving their origin.
It’s being called “certificate of origin self-certification”.
The issue had long been a stumbling block among the 16 nations seeking to finalise the RCEP, which are all 10 Southeast Asian countries, China, India, Japan, South Korea, Australia and New Zealand.
The agreement allows each country to choose a model for establishing proof of origin rather than tying them to certification based on specific products, Adul said, thus increasing convenience for businesspeople and flexibility in trade between nations.
“Reaching an agreement to use certificate of origin self-certification was key to helping solve problems and supporting negotiations on related issues and ensuring that the RCEP is concluded in accordance with the goal announced at last month’s Asean Summit,” Adul said.
Agreement was reached at the same meeting on a means of calculating of raw-material proportions across the region, rules for member-countries to maintain confidentiality, and guidelines for managing products and raw materials that are “the same and can be used interchangeably”.

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