Effect of RCEP Signing on Production, Trade and Benefits of Woody Forest Products in the World

Under the background of the slowdown of global economic development and the increasingly obvious limitations of the WTO multilateral trading system during the Covid-19 pandemic period, the signing of Regional Comprehensive Economic Partnership (RCEP) has attracted extensive global attention, especially when the prevention and control of the pandemic has achieved remarkable effects in East Asian countries, the most popular regional economy in the Asia Pacific region. In this context, this paper analyzes the impact of reducing tariff barriers on the production, trade and welfare of global woody forest products. We conclude that the reduction of import tariff has a significant role in promoting the export of forest products of relevant countries, which is conducive to opening the door of forest products trade protection countries; however, the tariff revenue of Chinese government is reduced, and the welfare and social net welfare of China's forest products consumers are reduced. Finally, some suggestions on relevant policies are put forward according to the empirical results.