On the evening of November 4, leaders of 10 ASEAN countries and 16 countries including China, Japan, South Korea, Australia, New Zealand, and India issued a joint statement after the meeting, saying that in addition to India, 15 members of the Regional Comprehensive Economic Partnership Agreement (RCEP) All text negotiations and virtually all market access negotiations have been concluded, and an agreement is ready to be signed next year.

As we all know, Southeast Asia is an emerging market where the textile industry is developing rapidly. In recent years, both textile imports and exports have grown rapidly. Japan, South Korea, Australia, and New Zealand are also important textile exporting countries in China.

Today's Southeast Asian textiles have sufficient labor advantages, but the infrastructure and technology are weak. Once the agreement is signed, the complementary performance of China's and Southeast Asian textile industries will become more apparent. China ’s textile raw materials, grey fabrics and fabrics can be manufactured at lower prices The cost is shipped to Vietnam, Malaysia and other places for processing, and the local labor force is used to make garment exports.

For developed markets such as Japan, South Korea, Australia, and New Zealand, after the establishment of the RECP, textile export tariffs will be further reduced, and Chinese textiles will be more competitive than they are now.

Hubei Botao Synthetic Fiber Co., Ltd. specializes in production and sales: polyester staple fiber, PLA fiber, polypropylene staple fiber, Two Bi-component Fiber, polyethylene staple fiber, Polypropylene Staple Fiber, two-component staple fiber, and Polypropylene Staple Fiber.