The RCEP, the world’s largest free trade area (Regional Comprehensive Economic Partnership), has had a profound impact on global trade since it entered into force. The RCEP is a free trade agreement signed by 15 countries in Asia and Oceania, covering about 30% of the world’s total population, total GDP and the amount of trade in goods. The agreement aims to further deepen economic cooperation and ties among member states through reducing tariffs, removing non-tariff barriers and promoting trade and investment facilitation.
(Member countries include: the 10 ASEAN countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Five non-asean members:
China, Japan, South Korea, Australia and New Zealand.
The implementation of the RCEP offers significant incentives for trade among the member states. By reducing tariffs and removing non-tariff barriers, the RCEP enables the more free flow of goods and services between member states. This will not only help to reduce the trade costs of enterprises and improve the market competitiveness, but also bring consumers more choices and lower price products. According to the data of China Council for the Promotion of International Trade (CCPIT), in April, the amount of RCEP certificate of origin visa of the National Trade Promotion System increased by 2.58% year on year, and the number of visas increased by 21.93% year on year. It is expected that the tariff of Chinese products in RCEP will be reduced by us $10 million.
The implementation of the RCEP has further promoted the regional economic integration process in the Asia-Pacific region. By strengthening the economic cooperation and ties among the member states, the RCEP helps to form a closer and more stable framework for regional economic cooperation. This will not only help to enhance the economic competitiveness of the region, but also inject new vitality into the development of global trade.
Since the RCEP came into force, the trade volume between the member states has continued to grow. According to statistics, the trade volume within the RCEP regions has reached us $5.6 trillion in 2023, a significant increase compared with 2021. This growth momentum indicates that the RCEP is gradually unleashing its huge trade potential.
The implementation of the RCEP has promoted the deep integration of industrial chains among member states. By strengthening the cooperation and connection between the upstream and downstream of the industrial chain, RCEP helps to form a more complete and efficient industrial chain system. This will not only help to improve the economic competitiveness of the region, but also provide more opportunities for the development of global trade.
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Post time: Jul-02-2024
