One year after the formal signing of the regional comprehensive economic partnership (RCEP) on November 15, 2020, RCEP officially entered into force for six ASEAN member states including Singapore, Thailand, Vietnam, Brunei, Laos and Cambodia, as well as China, Japan, New Zealand and Australia on January 1, 2022. This will help stabilize the supply chain of the industrial chain, improve the level of participation in the global and regional value chain, promote the high-quality development of China's economy, and accelerate the formation of a new development pattern dominated by the domestic big cycle and mutually promoted by the domestic and international double cycles.

After RCEP takes effect, the proportion of immediate zero tariff between China and ASEAN, Australia and New Zealand will exceed 65%, and the proportion of immediate zero tariff with South Korea will reach 39% and 50%.

China and Japan are newly established free trade relations, and the proportion of mutual immediate zero tariffs will reach 25% and 57% respectively. Finally, 86% of Japan's products exported to China will achieve zero tariff, while 88% of China's products exported to Japan will enjoy zero tariff treatment.

After the tax reduction is completed, most of the mechanical equipment, instruments and meters and auto parts imported by China from Japan will be gradually exempted from tariffs. At the same time, China's mechanical and electrical products, instruments and meters, textiles and clothing exported to Japan will also gradually enjoy zero tariff treatment.

It is reported that in terms of trade in services, RCEP member states have generally promised to open more than 100 service trade sectors, including finance, telecommunications, transportation, tourism, R & D, etc. New formats and models such as cross-border e-commerce, Internet finance, online office, online education, online consultation and online trade fair will usher in greater development opportunities.

In terms of rules of origin, the original materials of other member countries used by enterprises in RCEP member countries in the production process can be regarded as local original materials, which can cumulatively increase the proportion of original value components and make it easier for export products among member countries to reach the threshold of tariff preference.

The tariff reduction schedule proposed by China consists of five parts, which are to adopt different tariff reduction schemes for imported goods from ASEAN member countries, Australia, Japan, South Korea and New Zealand. The tax reduction schemes are mainly divided into different levels, such as one-time reduction to zero tariff, step-by-step reduction to zero tariff and maintaining the existing tax rate. The following gives a general description of the tax reduction related to machine tool goods in different regions and countries where the agreement takes effect.

1、 ASEAN

1. One time reduction to zero tariff

Grinding machine, ox head planer, gantry planer, slotting machine, individual woodworking machine tools, saw blade, contour projector.

2. One time reduction to 5%

Electric machining machine tool, ultrasonic machine tool, gantry machining center, milling and turning compound, NC horizontal lathe, NC drilling machine, NC boring and milling machine, NC boring machine, NC lifting table milling machine, all kinds of grinding machines (excluding grinder and polishing machine), all kinds of forming machine tools, superhard cutting tools, milling cutters and turning tools.

3. The step is reduced to zero tariff, with an annual reduction of 0.1/0.2/0.5/0.7/0.8/1 percentage points

Vertical machining center, horizontal machining center, single station modular machine tool, multi station modular machine tool, other horizontal lathes, vertical lathes, other drilling machines, gantry milling machines, polishing machines, broaching machines, most woodworking machines, machine tool accessories, micrometer caliper, coordinate measuring instrument, forging or stamping tools.

Note: the tax of vertical and horizontal machining centers will be reduced by 0.5 percentage points every year.

4. Exceptional goods

Programmable controller.

2、 Australia

1. One time reduction to zero tariff

Ox head planer, gantry planer, slotting machine, workpiece fixture, silicon carbide, boron carbide, brown corundum, natural corundum sand, natural stone grinding wheel, industrial diamond, natural and man-made diamond, saw blade, contour projector.

2. One time reduction to 5%

Electric machining machine tool, ultrasonic machine tool, gantry machining center, milling and turning compound, CNC horizontal lathe, all kinds of drilling machines, all kinds of boring and milling machines, all kinds of boring machines, gantry milling machines, all kinds of grinding machines (excluding grinder and polishing machine), forming machine tools such as punching, shearing, folding and press, thread roll mill, wire drawing machine, tapping, drilling, milling and turning tools.

3. The step is reduced to zero tariff, with an annual reduction of 0.1/0.2/0.5/0.7/0.8/1 percentage points

Vertical machining center, horizontal machining center, single station modular machine tool, multi station modular machine tool, other horizontal lathes, vertical lathes, other drilling machines, gantry milling machines, polishing machines, broaching machines, other planers, woodworking machines, machine tool accessories, diamond grinding wheel, abrasive cloth, sandpaper, micrometer caliper, coordinate measuring instrument.

Note: the tax of vertical and horizontal machining centers will be reduced by 0.5 percentage points every year.

3、 New Zealand

1. One time reduction to zero tariff

Ox head planer, gantry planer, slotting machine, workpiece fixture, contour projector, saw blade, natural stone grinding wheel, industrial diamond, natural and man-made diamond, silicon carbide, boron carbide, brown corundum, natural corundum sand.

2. One time reduction to 5%

Electric machining machine tool, ultrasonic machine tool, gantry machining center, milling and turning compound, CNC horizontal lathe, CNC drilling machine, all kinds of boring and milling machines, all kinds of boring machines, lifting table milling machine, gantry milling machine, tapping machine tool, all kinds of grinding machines (excluding grinder and polishing machine), gear grinding machine, sawing machine, punching, shearing, folding, press and other forming machine tools, threaded roll mill, wire drawing machine, tapping, drilling, milling and turning tools.

3. Step down the tax by 0.1/0.2/0.5/0.7/0.8/1 percentage points every year until there is no tariff

Vertical machining center, horizontal machining center, single station modular machine tool, multi station modular machine tool, other horizontal lathes, vertical lathes, other drilling machines, gantry milling machines, polishing machines, broaching machines, other planers, woodworking machines, machine tool accessories, roller screw device, coordinate measuring instrument, micrometer caliper, programmable controller, three-dimensional printer, abrasive cloth, sandpaper, diamond grinding wheel.

Note: the tax of vertical and horizontal machining centers will be reduced by 0.5 percentage points every year.

4、 Japan

1. One time reduction to zero tariff

Natural corundum sand, other artificial corundum, boron carbide, artificial diamond.

2. Step down taxes to zero tariff

The tax of grinding machine and polishing machine will be reduced by 1.5 percentage points every year;

The machine tool combination tax will be reduced by 3.0 percentage points per year;

The tax of planer will be reduced by 1.3 / 1.4 percentage points every year;

The tax of cold drawing machine under 300 tons will be reduced by 0.9 percentage points every year;

All kinds of woodworking machine tools are roughly reduced by 0.5 / 0.9 percentage points per year;

The tax on various machine tool accessories will be reduced by 0.4/0.5 percentage points each year;

The annual tax reduction of roller screw transmission device is 0.7 percentage points;

The tax on brown corundum and silicon carbide will be reduced by 0.5 percentage points every year;

The tax on grinding wheel, oilstone, sandpaper and saw blade will be reduced by 0.7 percentage points every year;

The tax on forging or stamping tools will be reduced by 0.5 percentage points every year;

The tax of 3D printer will be reduced by 0.3 percentage points every year;

The tax of micrometer and caliper will be reduced by 0.7 percentage points every year;

The tax of contour projector will be reduced by 0.9 percentage points every year;

For coordinate measurement, the tax shall be reduced by 0.4/0.5 percentage points every year.

3. Exceptional goods

Special processing machine tools, various processing centers, lathes, grinders, drilling machines, boring and milling machines, milling machines, punching, shearing, folding, press and other forming machine tools.

Tapping, drilling and milling tools, superhard material tools.

Programmable controller.

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