China will be able to fully fulfill its obligations under the agreement of the Regional Comprehensive Economic Partnership when it enters into force, a commerce official said.
All 15 members of the RCEP are planning to ratify the agreement before the end of 2021 and push for its entry into force on Jan 1 next year, said Yu Benlin, director-general of the department of international economic and trade affairs at the Ministry of Commerce.
China has completed the approval and became the first country to ratify the agreement, he said, adding Thailand has also ratified the agreement.
All member parties will convene intensive meetings to report on the progress of their respective approvals this year, he said. The ministry and relevant departments have sorted out the agreements involved 701 binding obligations of the Chinese side.
Through the efforts of various government branches such as the National Development and Reform Commission and the General Administration of Customs, China’s preparations for implementation of 613 items have been completed, accounting for 87 percent of all obligations.
The official said preparation for other items can also be concluded before the implementation of the agreement.