RCEP Brings Chinese Electric Bike Industry Opportunities
China – The Regional Comprehensive Economic Partnership (RCEP) was formally signed by the ten ASEAN countries, South Korea, Japan, Australia, New Zealand and China on November 15, 2020.
The 15 RCEP member states have promised to reduce tariffs, open markets, reduce barrier standards. If the agreement is implemented, it will greatly reduce operating and circulation costs among the countries, becoming an “integrator” of regional economic and trade rules, which will drive the upgrading of regional consumer markets, promote further development of regional industrial chain, supply chain and value chain, and benefit the people in the region.
In recent years, China’s electric bicycle industry has made great progress. While many electric bicycle brands are striving to develop the domestic market, some leading enterprises have begun to deploy overseas bases and expand international markets to seek greater competitive advantages. At present, as more and more Chinese electric two-wheeler enterprises set up factories in Southeast Asia to introduce their brands to the outside world, the implementation of RCPE will help enterprises optimize the business environment at the national level and promote the establishment of unified standards within the region.