On June 2, the Regional Comprehensive Economic Partnership (RCEP) officially entered into force for the Philippines。This marks the full entry into force of RCEP for 15 member countries, and the world's largest free trade area will enter a new stage of full implementation。
    Alfredo Pascual, Secretary of the Philippine Department of Trade and Industry, said in an interview with the Central Radio and Television Group that the entry into force of RCEP will bring new opportunities in the field of trade and investment, and the Philippine Department of Trade and Industry is also preparing to publicize the huge potential of this free trade agreement to small businesses。He also hopes that Chinese investment will bring more development to the Philippines and the two sides will achieve mutual benefit and win-win results。
    The Senate of the Philippine Congress formally approved the RCEP instrument of approval on February 21 this year, and officially deposited the instrument of approval with the ASEAN Secretary-General on April 3。Under the RCEP, the agreement will enter into force for the Philippines on June 2, 60 days after the date of deposit of the instrument of ratification。
   (Source: CCTV News)

　　The UK's free trade agreements with Australia and New Zealand came into force

　　China News Agency London, June 1 (Reporter Ouyang Kaiyu)The UK's free trade agreement with Australia and New Zealand came into force at midnight on 31 May。This is the first trade deal Britain has signed since leaving the EU。

　　Under the terms of the trade agreement, tariffs on all goods exported from the UK to Australia and New Zealand will be removed, access to these markets for trade in services will also be removed, and procedures for digital trade and work visas will be significantly curtailed。

　　According to the UK government, the free trade agreement will boost bilateral trade with Australia by 53% and bilateral trade with New Zealand by 59%, thus boosting the economy。

　　British Business and Trade Secretary Kemi Badnock said the first post-Brexit free trade agreement came into force was a historic moment that would benefit British businesses and residents, while imports from Australia and New Zealand would ease the UK's price problems。

　　Signed Beano comics, personalised Cambridge bags, Brighton gin and Burley crockery will be among the first British goods to be shipped after the free trade agreement comes into force。

　　Wilson, CEO of DHL Express UK, said the new Free trade Agreement presents a great opportunity for businesses, which will help customers achieve greater international trade growth。

　　(Source: Chinanews.com)

　　The South Korean government subsidizes foreign investment in high-tech strategic technologies by up to 50 percent

　　According to the "Asean Economy" reported on April 26，South Korea's Ministry of Industry and Technology aims to attract high-quality foreign investment in cutting-edge industries such as semiconductors, batteries and display screens，We plan to strengthen subsidies for foreign-funded enterprises in relevant cutting-edge industries，We will improve the system of prior review and screening of "national strategic technologies"，Relax cash subsidies to increase capital and expand production conditions。

　　Foreign investment by the Korean government in cutting-edge strategic technologies such as semiconductors, rechargeable batteries, and display screens，将以现金方式最高补贴其投资金额的50%； 为了让外商投资企业在投资可行性研究阶段就了解政府是否提供现金补贴以及补贴规模，The prior screening system will also be improved，Require companies to submit more simplified documentation，Priority is given to national strategic technologies, national cutting-edge strategic technologies, and small investments of less than $5 million;Relax the scope of cash support，Subsidies can also be provided for the expansion of existing factory facilities, etc., as well as for the addition of equipment to idle areas in existing buildings。
  (Source: Ministry of Commerce website)

　　Saudi Arabia has officially issued licenses for four new special economic zones

　　Zawya reported on May 30 that Saudi Arabia officially issued licenses for four new special economic zones on the 29th。The new SEZs are located in Riyadh, Jazan, Ras Khairul and Abdullah Economic City。Khalid Al-Falih, Minister of Investment and Chairman of the Economic Cities and Special Economic Zones Authority (ECZA), issued the licenses at the Saudi SEZ Investment Forum in Riyadh。In his opening remarks at the forum, Al-Falih shared the capacity of the EEZ in supporting Saudi Arabia in taking advantage of its regional and international economic agreements。He said: "We have done 285 billion riyals of deals covering everything from automotive to ICT, agriculture to aerospace, petrochemicals to mining and renewable energy。He also said Saudi Arabia is showing confidence across a number of social, economic and business indicators - from investor sentiment and trust in government to digital competitiveness, road connectivity, cybersecurity and the quality of port operations。Falih added, "Our special economic zones are forward-looking, innovative and focused on attracting foreign direct investment, which are designed to maximize opportunities and reduce friction in key industries。The SEZs will support existing national strategies and establish new links with international frameworks, capitalizing on each region's competitive advantages and supporting logistics, advanced manufacturing, technology and other priority areas for the Kingdom。Companies operating in the new SEZ will enjoy competitive corporate tax rates, exemption from imports, tariffs on production inputs, machinery and raw materials, 100 percent foreign ownership of the company, and flexibility to attract and hire the world's best talent。

　　(Source: Ministry of Commerce website)