position: EnglishChannel > Cooperation > Article

RCEP Adds Momentum to Cooperation

Source: 科技日報 | 2023-01-11 22:53:07 | Author: 林雨晨


Entrance to the conference and exhibition center in Nanning during the China-ASEAN Expo held in September, 2022. (PHOTO: XINHUA)

Edited by LIN Yuchen

The Regional Comprehensive Economic Partnership (RCEP), the largest free trade agreement among the Asia-Pacific nations, is boosting trade and investment through reduced tariffs, adding momentum to cooperation among its member nations.

A recent example of this refers to the pact's entry into force for Indonesia on January 2. The favorable tariffs can now be used by the private sectors under RCEP when importing to or exporting from Indonesia, according to ASEAN.

RCEP would boost trade and direct investment and is expected to increase the country's GDP by 0.07 percent, said Zulkifli Hasan, minister of trade of Indonesia, adding that "We describe this agreement as a tollway to enter the global market, and it is time for Indonesia to storm the international markets."

From January to November 2022, China's trade with other RCEP members amounted to 11.8 trillion RMB, up 7.9 percent year-on-year, accounting for 30.7 percent of the country's total foreign trade volumes.

The export tariff of automobile manufacturer FOTON to Malaysia, for example, has been reduced from 30 percent to 5 percent from March 2022. From January to November 2022, the company exported 13,162 vehicles to RCEP member countries, with the reduced tariff expected to reach 22.15 million RMB.

Under RCEP, Southeast Asian agricultural products have now easier access to China.

In 2022, the Guangzhou Baiyun Airport customs alone recorded over 440 million RMB of imported fruits from RCEP nations, a 12.2-fold jump year-on-year.

"We are no longer worried about export orders as before. The industrial chain adjustment brought about by RCEP has boosted our product sales in the Chinese market," said Narongsak Chuensuchon, chairman of a Thailand company NC Coconut.

It is expected that more than 90 percent of trade in goods within the RCEP nations will be gradually tariff-free in the future.

Editor: 王曉夏

Top News

  • Over the past decade, the vision has responded to the common aspiration for peace, development and cooperation of people from all over the world, pointing out the fundamental path and direction for solving a global crisis.

ODCC Launches Far-reaching Maritime Cooperation

A Qingdao -based international cooperation center, named the Ocean Decade Cooperation Center (ODCC), officially opened its doors last month. It intends to boost China's ocean governance and economy in accordance with the UN Decade of Ocean Science for Sustainable Development (2021-2030).

A Community Where People Live in Harmony

As a big follower and proponent of the concept of a community with a shared future for mankind, I have been following President Xi Jinping since 2013, who has been speaking about a world as a community where people live in harmony and not just interconnected but interdependent.

国产97人人超碰cao蜜芽prom