The dividend of regional economic growth has been released since the first anniversary of the effective implementation of RCEP

CCTV News: On January 1, 2022, the Regional Comprehensive Economic Partnership Agreement (RCEP), also known as RCEP, officially came into force for ten countries. Since then, it has successively come into force for South Korea, Malaysia and Myanmar. In the past year, 13 of the 15 members of RCEP have implemented RCEP. As all members actively fulfilled their commitment to opening up the Agreement, the overall regional tariff level gradually declined, the level of trade and investment facilitation continued to improve, and the business environment of regional countries improved day by day, the dividends of the implementation of RCEP on regional economic growth were also initially released.

From the perspective of goods trade, the goods trade of China, Japan, South Korea, Australia, New Zealand, Malaysia, Thailand, Vietnam and other ASEAN members showed a positive growth trend.

From January to October, the trade growth of South Korea, Australia, Malaysia, Thailand, Vietnam and other ASEAN countries exceeded double digits, and the foreign trade growth of China, Japan and New Zealand was also above 7%; From the perspective of exports, in the first 10 months, the export growth of China, South Korea, Australia, Vietnam, Malaysia and other countries exceeded double digits, which shows that the positive role of RCEP in regional trade, especially export growth, is emerging.

After the RCEP came into effect, thanks to the reduction of tariffs and the improvement of trade facilitation, as well as the use of cumulative rules in the region of origin and other factors, the regional trade in agricultural products, automobiles and other goods, as well as logistics, cross-border e-commerce and other service trade flourished.
From the perspective of investment, in the context of global investment fluctuations, China, Malaysia, Vietnam and other countries have still achieved rapid growth in attracting foreign direct investment.
Yuan Bo, Deputy Director of the Asian Research Institute of the Research Institute of the Ministry of Commerce: As the largest free trade area in the world at present, RCEP represents the development direction of free trade. It is committed to eliminating trade and investment barriers and establishing a unified market-oriented economic and trade rules system. Model calculations of member countries and major international institutions show that RCEP will play a positive role in promoting regional economic growth, This is also partly confirmed by the trade and investment data since the implementation of RCEP this year.
In 2023, RCEP will be officially implemented in Indonesia, the largest economy of ASEAN; At the same time, RCEP will also actively explore the issue of new members joining, which will further amplify the economic effect of RCEP.