Japanese media: Hong Kong is expected to join RCEP in the summer of 2023

Japan’s Kyodo News reported on December 27 that Hong Kong is expected to become the first new member of the Regional Comprehensive Economic Partnership Agreement (RCEP), which is expected to reduce tariffs on alcoholic beverages exported from Japan.

RCEP currently has 15 member countries, including China, Japan, South Korea, Australia, New Zealand, and 10 ASEAN countries. The agreement will come into force in January 2022, and the Hong Kong government will apply to join immediately.

According to a report by Kyodo News entitled "Reduction of Liquor Tariffs After RCEP Adjusts and Joins Hong Kong Next Summer", according to regulations, Hong Kong will not join until next summer at the earliest.

According to reports, if Hong Kong, which does not have a trade agreement with Japan, becomes a member, it is expected to have the effect of reducing tariffs on alcoholic beverages exported from Japan.

RCEP is the largest free trade zone in the world, accounting for about 30% of the global total in terms of population, economic volume, and total trade volume.

After RCEP takes effect, more than 90% of trade in goods among approved members will eventually achieve zero tariffs.

When Hong Kong Secretary for Commerce and Economic Development Yau Ying-wah attended the 6th Hong Kong-ASEAN Economic and Trade Ministerial Meeting in Cambodia in September, she introduced to the Deputy Secretary-General of ASEAN the preparatory work for Hong Kong to join RCEP as soon as possible, and sought the support of ASEAN member states.

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