The Impact of RCEP Entry Into Force On China Forklift Parts Industry

The Regional Comprehensive Economic Partnership (RCEP) was officially signed on November 15, 2020, and entered into force on January 1, 2022. RCEP was first initiated by the 10 ASEAN countries, and included China, Japan, South Korea, Australia, and New Zealand.

In terms of trade in goods, more than 90% of the goods of RCEP member countries are subject to immediate zero tariffs. In addition, regulations are also made in terms of unifying rules of origin. For the import and export of china forklift parts, RCEP also brings new growth to the industry. For example, China's export of industrial vehicles and accessories to Japan, including forklift spare parts, will achieve zero production of 70%-80% of products immediately after the signing of RCEP.  This is very beneficial to the export advantage of China forklift parts.

At the same time, the certificate of origin in RECP is also more open, and there will be more and more export commodities that meet the tariff-free threshold, including forklift truck spares. In the future, more and more Chinese brand forklifts will be exported. To RECP member countries, it will naturally drive the trade of China forklift parts.