On November 15, 15 member states of the regional comprehensive economic partnership (RCEP) formally signed the agreement. After eight years of long negotiations, it was finally officially signed. RCEP aims to establish a free trade agreement with a unified market by reducing tariff and non-tariff barriers. ASEAN member countries include Thailand, Malaysia, Singapore, Indonesia, Philippines, Brunei, Vietnam, Laos, Myanmar and Cambodia, plus China, Japan, South Korea, Australia and New Zealand. This is both an opportunity and a challenge for all Member States.
As the world's largest exporter of photovoltaic and energy storage, it is greatly affected by tariffs. After the signing of RCEP, the scope of goods covered by tariff reduction of goods trade has reached more than 90%. Some analysts believe that 95% or even more tax items will be included in the scope of "zero tariff" in the future, which is undoubtedly a great benefit to China's photovoltaic and energy storage market. Most of the 15 countries in RCEP are major import and export countries of photovoltaic and energy storage products in China. Japan, Australia and other countries have a strong demand for energy storage, and the Japanese government provides 66% of the cost subsidies for households and business users who install lithium battery energy storage. Vietnam, Malaysia, South Korea and Thailand also have great demand for photovoltaic energy storage.