![A cargo ship departs the Port of Shanghai [CGTN-CFP]](https://i0.wp.com/usachinatrading.com/wp-content/uploads/2021/11/A-cargo-ship-departs-the-Port-of-Shanghai-CGTN-CFP.jpg?resize=525%2C296&ssl=1)
The Chinese Ministry of Commerce (MOFCOM) said on Saturday that the country is well prepared for the Regional Comprehensive Economic Partnership (RCEP) agreement to take effect in January. “All preparations are now in place to ensure China fully meets its obligations when the agreement comes into effect,” MOFCOM said in a statement.
China completed ratification of the RCEP and submitted the document to the Association of Southeast Asian Nations (ASEAN) in April. “The relevant preparations were completed within half a year of the signing of the agreement,” said MOFCOM. The world’s biggest free trade agreement, the RCEP covers nearly a third of the global population and about 30 percent of global GDP. It will take effect on January 1, 2022. The pact allows for one set of rules of origin to qualify for tariffs reduction with its members.