China’s trade revenue with RCEP members jumps 7.9% YoY in Jan-Nov 2022

Experts opine that the biggest advantage offered by the RCEP deal is preferential tax rates with zero tariff implemented on more than 90 per cent of goods traded by its members. The agreement has enabled the shifting of the economic and trade cooperation focus from China to the Association of Southeast Asian Nations (ASEAN) as well as strengthening China’s economic-trade partnership with the ASEAN, various experts were quoted as saying by local media reports.

Moreover, trade between China and ASEAN touched 5.9 trillion yuan (about $872.65 billion), which is an increase of 15.5 per cent YoY. The RCEP deal is anticipated to build development opportunities for rising economies in the region, particularly those in the ASEAN.

The import-export revenue between China and members of the Regional Comprehensive Economic Partnership (RCEP) increased by 7.9 per cent year-on-year from January to November 2022—totalling to 11.8 trillion yuan. This revenue is about 30 per cent of the East Asian country’s total trade revenue, as per the General Administration of Customs (GAC).

ASEAN along with Australia, New Zealand, China, Japan, and South Korea signed the RCEP in 2020. It is currently the biggest free trade agreement and covers 30 per cent of the world’s gross domestic product (GDP). While the deal came into effect last year, it aims to do away with around 90 per cent of the tariff lines in the next 20 years.

Fibre2Fashion News Desk (NB)