EPCB Seizes the Opportunity of RCEP Creates more Value for ASEAN Countries

June 08, 2021

On November 15, 2020, 15 countries-members of ASEAN and five regional partners (China, Japan, South Korea, Australia, New Zealand)-signed the Regional Comprehensive Economic Partnership (RCEP), which is the largest free trade agreement in history.

China has now formally completed the RCEP approval process, and has contributed to the implementation of the RCEP's effective implementation on January 1, 2022.

As a foreign trade company in China, EPCB is also actively establishing links with countries in the RCEP region. As the domestic new and old kinetic energy conversion and high-quality development accelerate, more than 70% of the industrial boilers produced by EPCB are sold to ASEAN and "One Belt One Road" countries,annual sales amount to tens of millions of yuan.

EPCB, which has a strong industrial foundation and a complete industrial system, has taken the lead in thinking about changes, and has spread boiler products in all corners of ASEAN countries. Zhang Cuncai, chairman of EPCB, mentioned that as a foreign trade company, there has been a significant change in the past two years. The number of local companies buying EPCB boilers in ASEAN countries has increased, and domestic companies have paid more and more attention to industrial ecological development and long-term benefits.

For Chinese companies, RCEP means space for development in a real sense. Recently, people in the foreign trade circle are discussing the domestication of international companies. Many companies plan to use the opportunity of RCEP to seize more market share. EPCB has already established links with countries in the RCEP area. As long as the alliance countries are ready, we will cast an olive branch.

The level of development of a country usually depends on the level of industrialization of the country. Boilers have always played an irreplaceable role in the entire industrial process. Our food, clothing, housing and transportation are all related to the boiler. EPCB boiler has developed from a boiler manufacturer to a full-service boiler system solution provider integrating boiler design, boiler manufacturing, boiler installation, and boiler maintenance.

EPCB, your private boiler system expert!

Further reading:

How influential is RCEP?

RCEP as a new free trade agreement

Covering approximately 2.3 billion people in 15 member states, accounting for 30% of the global population, with a total GDP of more than 25 trillion U.S. dollars.

Include all aspects of the economy

For the region as a whole, RCEP includes all aspects of the economy: trade in goods, investment, technical cooperation, intellectual property protection, rules of origin, and dispute settlement mechanisms.

Reduce tariffs to zero within ten years

Tariff reductions among RCEP members are based on the commitment to immediately reduce tariffs to zero tariffs and to reduce tariffs to zero tariffs within ten years. For the first time, China and Japan reached a bilateral tariff reduction arrangement, achieving a historic breakthrough.