Focus on RCEP: China's approval will help the textile industry recover!

The 21st China International Dyestuff Industry, Organic Pigments and Textile Chemicals Exhibition will be held on September 27-29, 2021. This exhibition will be moved to the National Convention and Exhibition Center (Shanghai). The scale of the exhibition is upgraded, the exhibition hall is upgraded, a new starting point, and new opportunities are embraced.

The Dyestuff Exhibition will adhere to the consistent concept of organizing the exhibition, aiming to achieve the coverage of the upstream and downstream industrial chains, and build a faster, more efficient and diversified one-stop procurement and communication platform for many domestic and foreign companies, promote the integration of industry resources, and lead the industry in green and healthy development of.

China takes the lead in approving RCEP

At present, China has completed the approval of the Regional Comprehensive Economic Partnership Agreement, that is, the RCEP Agreement, and has become the first country to ratify the agreement. In addition, Thailand has also ratified the agreement. All the member states of RCEP stated that they will ratify the agreement before the end of this year and promote the agreement to enter into force on January 1 next year.

RCEP is good for the textile and garment industry

RECP lowers the threshold for the division of labor in the textile industry chain. From the perspective of the division of labor in the industrial chain between my country and ASEAN countries, China is relatively at the high end of the manufacturing industry, and ASEAN countries have an advantage in labor-intensive industries because of their demographic dividend. Previously, China had direct investment in ASEAN countries. After the signing of RCEP, the low-end industrial chain will accelerate the transfer.

RCEP agreement helps the textile industry to recover

RCEP covers a population of 2.2 billion people. Its member countries’ GDP reached US$25.6 trillion, and the intra-regional trade volume was US$10.4 trillion, accounting for 27.4% of the total global trade volume. It is currently the world’s largest population, largest economic aggregate, and largest trade volume. Free trade agreement. After the agreement comes into effect, more than 90% of the goods trade in the region will eventually achieve zero tariffs, and the tax will be reduced to zero immediately and within 10 years, so that the RCEP free trade zone is expected to fulfill all the goods trade liberalization commitments in a relatively short time. .

According to data from McKinsey Consulting, by the end of last year, affected by the epidemic, the global textile and apparel industry lost 20% to 25% of its sales, of which Europe lost 25% to 30%, and the United States lost 20% to 25%. According to the different specific conditions of each country and region, it is expected that the industry data level in 2019 will not be restored until the end of 2022 or the end of 2023.