Forum: RCEP delivers 'impressive performance'

The 2023 High-Level Forum for RCEP Economic and Trade Cooperation was held on Thursday in Qingdao, Shandong province. [Photo provided to chinadaily.com.cn]

The import and export trade volume between China and members of the Regional Comprehensive Economic Partnership, or RCEP, in the first five months reached 5.11 trillion yuan ($702 billion), an increase of 4.5 percent year-on-year, a top official said at a forum on Thursday.

"The performance was particularly impressive considering the global decline in trade and investment growth," said Ren Hongbin, chairman of the China Council for the Promotion of International Trade, during the 2023 High-Level Forum for RCEP Economic and Trade Cooperation held in Qingdao, Shandong province.

The RCEP agreement, which took effect in January 2022, includes 15 Asia-Pacific countries. The trade pact is expected to reduce tariffs by up to 90 percent on goods traded among the members over the next two decades.

Ren said that China has developed stronger trade and economic ties with its RCEP counterparts during the past year.

Last year, import and export trade volumes between China and the other 14 RCEP member states reached 12.95 trillion yuan, up 7.5 percent year-on-year. The value accounted for 30.8 percent of the total import and export value of China, according to the General Administration of Customs.

Themed "Work together for common prosperity", the 2023 forum attracted more than 400 representatives, including government officials, diplomatic envoys, experts and businessmen. It provided a platform for in-depth discussions on topics such as the relationship between the RCEP agreement and the economic integration of the Asia-Pacific region, facilitation of international shipping, integrated development of industrial and supply chains, digital economy and green economy.

Cambodia's Ambassador to China Khek M. Caimealy said the RCEP had proved to the world that it plays a significant role in promoting regional economic development. It comprehensively covers all areas of RCEP countries' interest to boost trade, service and investment, which enable further expansion of regional value chains, as well as open markets. It also creates employment opportunities in the region.