RCEP will help Chinese footwear export to Japan
Source：Dongguan Guanshun shoe material Co., Ltd
In mid November, China signed RCEP free trade agreements with 14 other Asia Pacific economies. The signing of the agreement means the emergence of the world's largest free trade agreement covering a market of more than 2.2 billion people.
The other 14 countries include Vietnam, Japan, South Korea, the Philippines, New Zealand, Singapore, Australia, Malaysia, Indonesia, Thailand, Cambodia, Brunei, Laos and Myanmar.
It will be the largest free trade agreement in the world by far and will come into force in the next two years.
The regional comprehensive economic partnership agreement promises closer integration of supply chains in all 15 countries, and shoe industry commentators point out that the new free trade area is of particular importance for Chinese exports to Japan. RCEP will allow more than 90% of products to be exempted from customs duties. Although goods sold in China still need to pay 13% of the value-added tax and 10% of the consumption tax in Japan, the agreement will facilitate the export of shoes made in China with high tariffs to Japan.