In June this year, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into force for one year. The reporter learned from the Ministry of Commerce on the 14th that one year since the RCEP came into full force, it has further promoted the opening and cooperation of the region in a wider range, at a higher level and at a deeper level.
Stimulate the vitality of regional economic development. In 2023, the intra regional trade of RCEP will reach 5.6 trillion US dollars, slightly increasing from 2021 before the formal entry into force of the agreement. The industrial chain supply chain cooperation in the region is getting closer. In 2023, the RCEP region will attract a total investment of 234.1 billion dollars in green space, 2.2 times that of 2021.
To help China expand its high-level opening up. The trade in goods has made steady progress. In 2023, China's imports and exports to other 14 RCEP member countries totaled 12.6 trillion yuan, an increase of 5.3% over 2021. Investment cooperation continues to heat up. In 2023, China's non-financial direct investment flow to other RCEP member countries will reach US $18.06 billion, an increase of 26% year on year, 14 percentage points higher than the growth rate of China's investment in the world. More enterprises benefit from RCEP. In 2023, Chinese enterprises will enjoy preferential imports of 90.52 billion yuan under RCEP, and tax concessions will reach 2.36 billion yuan.
RCEP is a free trade agreement with the largest population, the largest economic and trade scale and the greatest development potential in the world, and an important milestone in the economic integration of the Asia Pacific region. On November 15, 2020, the 10 ASEAN countries, Australia, China, Japan, South Korea and New Zealand jointly signed RCEP, and promoted the agreement to enter into force on January 1, 2022. On June 2, 2023, RCEP officially entered into force for the Philippines, marking the full entry into force of RCEP for the 15 signatories.
Publisher: Li Huihan
