Two years on, RCEP injects strong momentum into regional economic integration and development

The Regional Comprehensive Economic Partnership (RCEP), which entered into force on Jan. 1, 2022, comprises 15 Asia-Pacific countries -- 10 member states of the ASEAN, China, Japan, the Republic of Korea, Australia, and New Zealand.  Over the past two years, regional trade costs have significantly decreased, and the industrial and supply chains have become more closely linked, benefiting an expanding range of people. Over 90 percent of goods traded within the region will gradually enjoy zero tariffs. The total population, sum of gross domestic product and trade in goods of RCEP member countries all account for about 30 percent of the global share. China was the first to complete the ratification process and submit its RCEP ratification document. It has implemented RCEP rules with high quality, fully delivered on its opening commitments and obligations under the agreement, and continuously pushed for tariff reductions and exemptions.

(Video Source: Xinhua)

Read more: RCEP creates new opportunities for regional economic development