Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Trade

RCEP agreement in effect for all 15 members

June 02, 2023


Abstract : The Regional Comprehensive Economic Partnership (RCEP) agreement took effect on Friday for the Philippines, confirming that the RCEP agreement is now in effect for all 15 members.

BEIJING, June 2 (Xinhua) -- The Regional Comprehensive Economic Partnership (RCEP) agreement took effect on Friday for the Philippines, confirming that the RCEP agreement is now in effect for all 15 members.

The full RCEP implementation reflects the determination and actions of its 15 members -- 10 members of the Association of Southeast Asian Nations, China, Japan, the Republic of Korea, Australia and New Zealand -- in supporting an open, free, fair, inclusive and rules-based multilateral trading system, China's commerce ministry commented.

The RCEP agreement was signed in November 2020 by the 15 Asia-Pacific countries after eight years of negotiations. It entered into force on the first day of 2022, creating the world's largest trade bloc.

The full implementation will inject strong momentum into regional economic integration, comprehensively enhance the level of trade and investment liberalization and facilitation in East Asia, and contribute to the long-term stable development of the regional and global economy, said the commerce ministry.

In 2022, trade between China and other RCEP members increased 7.5 percent year on year to 12.95 trillion yuan (about 1.82 trillion U.S. dollars), while their investment in China, in actual use, went up 23.1 percent to 23.53 billion U.S. dollars, data showed.

China will continue to ensure solid RCEP implementation to give full play to its role in facilitating supply chain and industrial chain cooperation, as well as promoting high-standard opening up and high-quality development, the ministry said.

China will also work with other parties to fulfill its obligations, strengthen the RCEP mechanism, enhance the overall implementation of the agreement, and provide a strong guarantee for the steady development of RCEP cooperation, it said. 

Scan the QR code and push it to your mobile phone

Keyword: RCEP

Reading:

S. China Guangxi's Fangchenggang joins hands with Australia to explore business opportunities under RCEP framework

Deals totaling 1.5 bln USD inked between Chinese, Australian companies

Trade between China's Gansu, Belt and Road countries continues to surge

Chinese and ASEAN enterprises show interests in bilateral investment: UOB China report

Roundup: China's BRI flagship project in Cambodia injects momentum to growth, improving livelihoods

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial