International Hot Review: The World's Largest Free Trade Zone Sails Ahead RCEP Vividly Practicing Chinese Concepts China | RCEP | Global
On June 2nd, the Regional Comprehensive Economic Partnership (RCEP) officially came into effect for the Philippines, marking the full entry into force of RCEP for 10 ASEAN countries and 15 signatory countries including Australia, China, Japan, South Korea, and New Zealand. This means that the world's most populous, largest economic and trade scale, and most promising free trade zones have entered a new stage of comprehensive implementation.
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Since its effectiveness on January 1, 2022, RCEP has shown initial effectiveness. According to official Chinese data, in 2022, Chinese enterprises will enjoy a preferential export value of RMB 235.3 billion under RCEP, and can enjoy a tariff reduction of RMB 1.58 billion from the importing country; The import value of Xianghui is 65.3 billion yuan, with a tax reduction of 1.55 billion yuan. In the same year, China actually utilized 23.53 billion US dollars in investment from other RCEP members, a year-on-year increase of 23.1%.
![International Hot Review: The World's Largest Free Trade Zone Sails Ahead RCEP Vividly Practicing Chinese Concepts China | RCEP | Global](https://a5qu.com/upload/images/7f104ddcf960d8de37e4ac3d9923f28c.jpg)
Against the backdrop of current economic globalization facing setbacks and numerous challenges, the full implementation of RCEP is a full reflection of its 15 members' support for the multilateral trading system and their joint commitment to continuously promoting comprehensive, mutually beneficial, and high-level economic partnerships. It is also a vivid practice of China's promotion of regional economic integration.
![International Hot Review: The World's Largest Free Trade Zone Sails Ahead RCEP Vividly Practicing Chinese Concepts China | RCEP | Global](https://a5qu.com/upload/images/2ed25521d89c42bf9afda2231c87c8fc.jpg)
Through institutional arrangements such as rules of origin, tariff reductions, and trade facilitation, RCEP brings tangible benefits to its members, enabling partners to fully share China's opportunities for opening up and development dividends. In 2022, the total import and export volume between China and other RCEP members was RMB 12.95 trillion, a year-on-year increase of 7.5%, accounting for 30.8% of China's total foreign trade import and export volume. Eight of China's imports and exports to other RCEP member countries have exceeded double-digit growth rates, with imports and exports to Indonesia, Singapore, Myanmar, Cambodia, and Laos all exceeding 20%.
![International Hot Review: The World's Largest Free Trade Zone Sails Ahead RCEP Vividly Practicing Chinese Concepts China | RCEP | Global](https://a5qu.com/upload/images/905445e79ac7d0e0cbb85360ec53b5bb.jpg)
At the same time, regional industrial cooperation is also strengthening. In this year, China's import and export of intermediate products to other RCEP member countries reached 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.
![International Hot Review: The World's Largest Free Trade Zone Sails Ahead RCEP Vividly Practicing Chinese Concepts China | RCEP | Global](https://a5qu.com/upload/images/087869625b41fc3aa7e72bcf74f847a8.jpg)
The total population, GDP, and trade volume of goods in the RCEP region account for approximately 30% of the global total. Now, the full sail forward RCEP will further unleash 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 stable development of the regional and global economy.
![International Hot Review: The World's Largest Free Trade Zone Sails Ahead RCEP Vividly Practicing Chinese Concepts China | RCEP | Global](https://a5qu.com/upload/images/7b24dbe19d0e5737ba6be8fe719764bc.jpg)
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