Illustrative image (Source: VNA) Right after the dealtook effect, trade among regional countries has been increasing. Data fromChina’s General Administration of Customs showed that in the first 11 months of2022, import-export revenue between the country and RCEP members rose 7.9% yearon year to 11.8 trillion CNY (1.74 trillion USD),accounting for 30% of the country’s total.
Of the total, trade between China and ASEANcountries reached nearly 5.9 trillion CNY (872.65 billion USD), up 15.5% yearon year.
According to experts, the greatest benefit from the deal is preferential tax rates, with zero tariff being applied on morethan 90% of goods traded by its members.
A recent survey from HSBC showed that morethan 93% of surveyed companies from RCEP members said that they plan toincrease transactions with China, and more than 30% said they expects at least30% growth in business in China this year.
In 2023, RCEP member countries arepredicted to recover faster, especially in tourism and real estate. Thanks tothe RCEP, member will have more chances to boost tourism cooperation,thus promoting the growth of other sectors.
At the same time, the deal is expected to createdevelopment opportunities for emerging economies in the region, including thosein the ASEAN.
Members' cooperation with the thirds has also contributed to the growth of multilateralism, globalisationand regional collaboration, and creating a firm foundation for the speeding upof negotiations of a free trade agreement between China, Japan and the Republicof Korea.
RCEP has helped switch the economic andtrade cooperation focus from China to the ASEAN, and move China’seconomic-trade partnership concentration to the ASEAN, according to experts.
The RCEP was signed in2020 between the Association of Southeast Asian Nations (ASEAN) and fivepartners, namely Australia, New Zealand, China, Japan, and the Republic ofKorea. Taking effect on January 1, 2022, it is the largest FTA at present,covering 30% of the global GDP.
Under this agreement,about 90% of the tariff lines will be eliminated within 20 years since it cameinto force./.
VNA
