On January 1st, 2022, the world’s largest free trade area, consisting of ten ASEAN countries (Vietnam, Indonesia, Malaysia, the Philippines, Thailand, Singapore, Brunei, Cambodia, Laos, Myanmar) and China, Japan, South Korea, Australia, New Zealand’s 15-nation Regional Comprehensive Economic Partnership (RCEP) officially entered into force.
As the world’s largest free trade area, after the RCEP agreement comes into effect, more than 90% of the trade-in goods among the approved members will eventually achieve zero tariffs. For our foreign trade enterprises in the machinery industry, this is a huge bonus.
We can use RCEP to reduce tariffs and reduce the cost of importing steel, key components and other machinery manufacturing raw materials and intermediate products from member countries such as Japan and South Korea; at the same time, the further opening of ASEAN has provided us with a broader international market.
More than 1/3 excavator attachments clients from RCEP choose jiangtu attachments. The price of Jiangtu attachment purchased by customers will gradually drop, and both end customers and distributors are happy to see it. The Jiangtu brand will also be widely promoted and used in RCEP member countries.
Although the price will drop, the quality of Jiangtu attachment will not change. At the start-up meeting at the beginning of this year, the heads of various departments of Yantai Jiangtu said that “improving product quality” will still be the core work direction, and creating safe and durable quality attachments for customers has always been Jiangtu’s business purpose.
Yantai, Shandong, the origin of Jiangtu attachments, has introduced various policies to connect with RCEP. Jiangtu will also seize the opportunities brought by RCEP and e-commerce, improve the company’s global layout, and promote the brand image of “high quality and low price” to the world.