The Regional Comprehensive Economic Partnership agreement (RCEP) came into effect on 1 January this year. The pact has resulted in the growth of China’s exports to other member countries of the agreement.
During the first six months of 2022, exports and imports between China and other RCEP countries hit $939 billion, accounting for about 32% of China’s total trade. China’s exports to other RCEP member countries were worth about $468 billion during the period, growing 14.7% year on year. This was 2.3% higher than the average annual growth rate of China’s exports to other RCEP member countries in the past 20 years.
RCEP is a free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and its five FTA partners (Australia, China, Japan, New Zealand, and the Republic of Korea).
Read the full article HERE, and find out more about RCEP HERE.
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