China to cut tariffs on RCEP

China is ready to cut tariffs when the RCEP regional trade agreement takes effect on January 1st, 2022, Bloomberg reports. According to the report, the Ministry of Commerce has said it is in favor of a quick full implementation of the agreement. The Regional Comprehensive Economic Partnership was adopted in November 2020 by 15 countries in the region, including China, Japan, South Korea, Australia, Vietnam, and the Philippines. So far, ten countries have ratified the agreement. Reducing tariffs between the partners is one of the key objectives of RCEP. In addition, investments and cooperation between the states are to be strengthened.