Photo: Zhang Jingang/Xinhua
BEIJING, Jan. 10 (Xinhua) -- After two years of existence, the world's largest free trade pact in terms of population and trade volume has made huge contributions to regional integration in the Asia-Pacific region and boosted economic recovery. The Regional Comprehensive Economic Partnership (RCEP), which came into force on 1 January 2022, includes 15 Asia-Pacific countries - the 10 member states of the Association of Southeast Asian Nations (ASEAN), China, Japan, the Republic of Korea, Australia and New Zealand. Together they cover approximately 30 % of the world's population and 30 % of global economic and trade volume.
According to data from the General Administration of Customs, ASEAN remained China's largest trading partner in the first 11 months of 2023, with total trade volume reaching 5.8 trillion yuan (about 817 billion U.S. dollars). During the recent global economic challenges, RCEP has played a key role in stabilizing the economies of its member countries.
"It has helped member countries kick-start post-Christmas recovery and sustainable long-term economic growth, contributing to the strengthening of regional peace, stability, harmony, development and prosperity," said Penn Sovicheat, state secretary and spokesman for Cambodia's Ministry of Commerce.
Thanks to the preferential tariff rates under the RCEP agreement, Cambodia's trade with other members of the pact has soared. In the first 11 months of 2023, Cambodia exported US$7.21 billion worth of products to RCEP member countries, up 27 percent from the same period in 2022, when the value of exports was US$5.67 billion.
In the first 10 months of 2023, the total value of Sino-Malaysian bilateral trade reached 155.73 billion U.S. dollars, accounting for 20.8 percent of China's total trade with ASEAN in that period. The RCEP agreement covers various areas such as tariff reduction, trade facilitation and opening up services and investment, and highlights the importance of multilateralism and an open world economy.
As of November 2023, Chinese authorities have issued 19,834 certificates of origin worth US$568 million under the RCEP agreement. The number of these certificates, issued to 3,434 enterprises, increased by 12.41 percent compared to the previous year, and these certificates are expected to reduce tariffs on Chinese products in RCEP importing countries by $9 million.
China remains committed to the quality implementation of the RCEP agreement to promote regional economic integration. The RCEP undoubtedly serves as a gateway for other member countries to also benefit from China's development opportunities. In 2024, the continued success of this free trade pact will serve as a solid pillar that offers stability and certainty amidst the global economic recovery and challenges. The lasting benefits of this pact will surely endure.
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