RCEP a good opportunity for China-based foreign companies

Ueda Toshihiro, Chief Representative of AGC Group for China, looks forward to the implementation of RCEP and considers it a great opportunity for China’s economy to step forward because the agreement will further the ties between China, Japan, South Korea, Australia, New Zealand and other ASEAN countries.

“If the RCEP could lower the tax and make it easier for people and commodities to move between the member countries, it will be great for private companies to do business,” said Ueda Toshihiro.

Based on the agreement, more than 90 percent of the trade in goods in the region will be tariff free once the RCEP comes into effect. The customs clearance time will also be shortened to 48 hours for most commodities, and 6 hours for fast deliveries and perishable commodities.

Ueda Toshihiro said AGC has been invested in China more than 40 years since China's reform and opening-up. Thus far, this Japanese manufacturing company specialized in glass, electronics, chemicals and ceramics has established multiple business ties with its Chinese partners in the fields of automotive, smart phone and TV.

According to a previous report, 45 percent of Japanese enterprises invest in China to export products produced here, while 35 percent invest in China for the Chinese market, and 20 percent do both.

“China is one of the most important markets to AGC, and we are confident about its development. We cooperate with TCL’s subsidiary, CSOT, and have built a factory in Shenzhen which is with an investment of RMB 4.9 billion and adopts world's state-of-art technology to produce LCD TV substrate glass,” he said.

Ueda Toshihiro considered China’s participation in RCEP indicates a signal that the country will continue opening-up, which is vital to foreign-funded companies. “RCEP is a good opportunity because it means a bigger market. We have been growing in line with China’s development. Now that China is evolving from the World’s Factory to a global innovation center, we are also looking for good opportunities for the future growth of AGC’s new technologies, new products and new materials.”

Author: Jasmine

Video: Keane, Zhiyi

Graphic design: Mia

Editor: Wing, Keane, Jerry