Economy

RCEP took effect and continued to release dividends in the first quarter

2022-04-19   

Since the implementation of the regional comprehensive economic partnership agreement (RCEP) at the beginning of this year, the "circle of friends" has continued to release trade dividends, bringing "real gold and silver" benefits to enterprises and consumers in the region. According to China's customs statistics, in the first quarter of this year, the total value of China's imports and exports to 14 other RCEP member countries was 2.86 trillion yuan, a year-on-year increase of 6.9%, accounting for 30.4% of China's total foreign trade in the same period. In that quarter, the year-on-year growth rate of import and export between China and South Korea, Malaysia, New Zealand and other countries exceeded double digits. Zhu Lin, Deputy Prime Minister and Minister of Commerce of Thailand, said that after the agreement came into force, more than 30000 goods in Thailand enjoy tariff concessions. The Ministry of Commerce of Thailand has actively communicated with domestic enterprises to introduce the content and relevant rules of RCEP and help them make full use of the preferential treatment brought by RCEP. Wu Zhicheng, former vice president of Vietnam's Central Institute of economic management, said that the effective implementation of RCEP has given Vietnam a long-term, stable and predictable export market. Vietnam's exports will have more opportunities to enjoy preferential tariffs. The export categories benefiting mainly include communication, footwear, agriculture and automobiles. Dairy export is the pillar industry of New Zealand. According to Statistics New Zealand, New Zealand dairy exports to China increased significantly from 2019 to 2021. Daming O'Connor, New Zealand's trade minister, said recently that the entry into force of RCEP and the entry into force of the upgraded protocol of the New Zealand China free trade agreement in April will enable most of New Zealand's dairy products to enter the Chinese market with zero tariff. Based on the current export volume, relevant New Zealand exporters will receive tariff benefits of NZ $180 million (about US $120 million). Justin arol, global general manager of trade strategy of Fonterra group, a leading enterprise in New Zealand dairy industry, said: "New Zealand has signed with all other RCEP member countries, and there are bilateral free trade agreements between New Zealand and China, which provide more convenient export conditions for New Zealand dairy industry." Japan Trade Promotion Agency said that Japanese enterprises are actively using RCEP to expand exports. According to the documents released by Japan's Ministry of economy, industry and trade, the agency issued 3450 RCEP certificates of origin to Japanese export enterprises in February this year, more than five times that of January. The total number of certificates of origin issued in the first two months was much higher than that in the same period after the signing of other trade agreements. RCEP also allows more and more Chinese enterprises to enjoy dividends and help accelerate the export-oriented economy. Zhang Wei, general manager of Zhongtong international Cambodia branch, introduced that Cambodia's local industry is underdeveloped and daily necessities are basically imported. RCEP will lower local prices and allow people to choose more high-quality and cheap Chinese products. Li Guoxun, vice president of China Yuanqi forest (Beijing) Food Technology Group Co., Ltd., said that with the gradual deepening of regional cooperation under the framework of RCEP, enterprises will increasingly benefit from policies such as simplifying international customs clearance processes. "We are confident to deliver our products to overseas consumers faster and better." Cambodian commerce minister pansosa said that against the background of rising global uncertainty, the stagnation of multilateralism, the rise of protectionist policies in some countries and the recent situation in Russia and Ukraine have had a negative impact on the global economy. RCEP not only provides impetus for boosting the economy and trade, but also provides space for policy cooperation among relevant participants. Yukichi Ishikawa, a special researcher at the Institute of Asian Studies at the University of Asia in Japan, pointed out that China's active participation in Asian economic and trade cooperation and promoting the entry into force of RCEP will bring great improvements to the Asian economy and trade order. The one belt, one road initiative and other joint efforts to create an open, transparent, fair and predictable development environment in the region will help promote regional economic growth and prosperity, said Orlamond, director of the Thailand Trade Ministry's trade negotiation division, RCEP. Since January 1 this year, RCEP has officially entered into force for Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, China, Japan, New Zealand and Australia, South Korea on February 1 and Malaysia on March 18. (Xinhua News Agency)

Edit:He Chuanning Responsible editor:Su Suiyue

Source:Xinhua

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