Page 29 - Regional Comprehensive Economic Partnership (RCEP)

Article 2.21: Sectoral Initiatives CHAPTER 3

1. The Parties may decide to initiate a work programme on sector- RULES OF ORIGIN
specific issues. Should the Parties decide to initiate such a work
programme, it shall be established and overseen by the
Committee on Goods. The Parties shall endeavour to finalise SECTION A
such a work programme no later than two years after the initiation RULES OF ORIGIN
of the work programme.

2. The Parties shall agree on the sectors to be included in such a Article 3.1: Definitions
work programme, taking into consideration the interests of all the
Parties, including those sectors proposed by Parties during the For the purposes of this Chapter:
course of the negotiation of this Agreement or other sectors as
may be identified by a Party. (a) aquaculture means the farming of aquatic organisms
including fish, molluscs, crustaceans, other aquatic
3. Any work programme initiated under this Article should be invertebrates, and aquatic plants from seed stock such as
conducted to: eggs, fry, fingerlings, and larvae, by intervention in the
rearing or growth processes to enhance production such
(a) enhance the Parties’ understanding of the issue; as regular stocking, feeding, or protection from predators;

(b) facilitate input from business and other relevant (b) CIF value means the value of the imported good, inclusive
stakeholders; and of the cost of insurance and freight up to the port or place
of entry into the country of importation;
(c) explore the possible actions by the Parties that would
facilitate trade. (c) competent authority means the government authority or
authorities designated by a Party and notified to the other
4. Based on the outcome of any work programme initiated under this Parties;
Article, the Committee on Goods may make recommendations to
the RCEP Joint Committee. (d) customs authority means a customs authority as defined
in subparagraph (a) of Article 4.1 (Definitions);

(e) FOB value means the value of the good free on board,
inclusive of the cost of transport (regardless of the mode of
transport) to the port or site of final shipment abroad;

(f) fungible goods or materials means goods or materials
that are interchangeable for commercial purposes, whose
properties are essentially identical;

(g) Generally Accepted Accounting Principles means
those principles recognised by consensus or with
substantial authoritative support in a Party, with respect to
the recording of revenues, expenses, costs, assets, and
liabilities; the disclosure of information; and the preparation
of financial statements. These principles may encompass

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