Chinanews.com, Beijing, June 3rd. On June 2nd, the "Regional Comprehensive Economic Partnership Agreement" (RCEP) came into effect for the Philippines, marking RCEP's impact on 10 ASEAN countries and 15 countries including Australia, China, Japan, South Korea, and New Zealand. In full force for signatories. This means that the free trade area with the largest population, the largest economic and trade scale and the greatest development potential in the world has entered a new stage of full implementation.
After the RCEP is fully implemented by the 15 signatories, it will greatly promote the free flow of resource elements such as goods, services, capital, technology, talents, and data information in the region, and expand open cooperation on a larger scale, at a higher level, and at a deeper level. Promote the gradual formation of a more prosperous regional integrated market.
Since it came into effect on January 1, 2022, RCEP has begun to show results. According to Chinese official data, in 2022, under RCEP, Chinese enterprises can enjoy export value of 235.3 billion yuan and enjoy tariff reduction of 1.58 billion yuan from the importing country; enjoy import value of 65.3 billion yuan and tax reduction 1.55 billion yuan. In the same year, China actually utilized 23.53 billion US dollars of investment from other RCEP members, a year-on-year increase of 23.1%.
Against the background of the current economic globalization encountering headwinds and facing many challenges, RCEP has come into full effect, which is a full manifestation of its 15 members' support for the multilateral trading system and their joint commitment to continuously promote comprehensive, mutually beneficial and high-level economic partnerships. China's vivid practice of promoting regional economic integration in a deep and solid manner.
With the help of institutional arrangements such as rules of origin, tariff concessions, and trade facilitation, RCEP has brought tangible benefits to all members, allowing partners to more fully share the opportunities and development dividends of China's opening up. In 2022, the total import and export volume between China and other RCEP members will be 12.95 trillion yuan, a year-on-year increase of 7.5%, accounting for 30.8% of China's total foreign trade import and export. Eight of China's imports and exports to other RCEP member states exceeded double-digit growth rates, and the growth rates of imports and exports to Indonesia, Singapore, Myanmar, Cambodia, and Laos all exceeded 20%.
At the same time, regional industrial cooperation is also strengthening. This year, China's import and export of intermediate products to other RCEP member countries was 8.7 trillion yuan, an increase of 8.5%, accounting for 67.2% of China's total import and export value to other member countries during the same period.
RCEP's total population, total GDP, and trade in goods all account for about 30% of the world's total. Today, the RCEP, which is moving forward with full sail, will further release its potential, inject strong impetus into regional economic integration, comprehensively improve the level of regional trade and investment liberalization and facilitation, and help the long-term and stable development of the regional and global economies.
On June 2, 2023, the "Regional Comprehensive Economic Partnership Agreement" (RCEP) officially entered into force for the Philippines, marking the full entry into force of RCEP for the 15 signatories.
The total population of the RCEP region, the total value of GDP, and the amount of trade in goods account for about 30% of the world. The full entry into force of the agreement for the 15 parties marks the entry into a new stage of full implementation of the free trade area with the largest population, the largest economic and trade scale, and the most development potential in the world.
On November 15, 2020, the 10 ASEAN countries, Australia, China, Japan, South Korea, and New Zealand signed the RCEP and promoted the agreement to come into force on January 1, 2022.
In 2022, the total import and export volume between China and other RCEP members will be 12.95 trillion yuan, a year-on-year increase of 7.5%, accounting for 30.8% of my country's total foreign trade import and export.
From January to April 2023, the total import and export volume between China and other RCEP members was 4.12 trillion yuan, a year-on-year increase of 7.3%, accounting for 30.9% of China's total foreign trade import and export.
In 2022, China's actual investment in other RCEP members will be US$23.53 billion, a year-on-year increase of 23.1%.
From January to April 2023, China's actual use of other RCEP members to invest nearly 8.9 billion U.S. dollars, a year-on-year increase of more than 13.7%
In 2022, under RCEP, Chinese enterprises can enjoy export value of RMB 235.3 billion and enjoy tariff reduction of RMB 1.58 billion from importing countries; enjoy import value of RMB 65.3 billion and tax reduction of RMB 1.55 billion
In the first quarter of 2023, under the regional competition policy, Chinese enterprises can enjoy the export value of RMB 62.29 billion, the importing country’s tariff reduction of RMB 930 million, the value of imported goods of RMB 18.25 billion, and the tax reduction of RMB 480 million.