RCEP should actively leverage the integrated effect of multiple dividends

RCEP has shown strong trade dividends in promoting rapid trade growth, accelerating industrial integration in the region, enhancing the resilience of the industrial chain, facing higher levels of openness, continuously promoting institutional convergence and innovation, and accelerating the development capacity improvement of underdeveloped countries and the improvement of national industrialization conditions. All parties should work together to leverage the integration effect of many heavy dividends.
The Regional Comprehensive Economic Partnership (RCEP) is by far the world's largest free trade area in terms of population, economy and trade in goods. The ten ASEAN countries plus China, Japan, South Korea, Australia and New Zealand have jointly opened a new era of economic cooperation in East Asia. On January 1, 2022, the RCEP will reach the entry into force threshold and become effective in the approved countries. On June 2, 2023, RCEP entered into force for the Philippines, the last country to ratify it, and thus RCEP became fully effective for fifteen countries.
RCEP has integrated 27 bilateral and multilateral trade arrangements and 44 investment agreements in the region, forming a comprehensive, modern, high-level, and mutually beneficial free trade agreement. For the first time, China, Japan, and South Korea have been "in the same frame" in a free trade zone. The national conditions of the fifteen RCEP countries are different, and there are significant differences in natural endowments, economic size, and development levels among countries. RCEP reflects the current trend of countries' commitment to promoting peace, cooperation, and win-win development. In the face of adverse globalization, it has injected strong positive energy into promoting the construction of an open world economy and accelerating global post pandemic recovery. RCEP has shown strong trade dividends, industrial dividends, institutional dividends, development dividends, etc. All parties should work together to leverage the integration effect of many heavy dividends.
Multiple dividends gradually emerging
Fully leverage the advantages of tariff reduction and trade liberalization and facilitation, leverage the fundamental role of trade dividends, and expand the large market in East Asia. The promoting effect of trade growth is the most realistic and visible dividend of free trade agreements.
After the official implementation of RCEP, over 90% of goods trade between member countries will be subject to zero tariffs. Since its effectiveness on January 1, 2022, RCEP has brought steady growth in intra regional trade. In 2022, China's trade volume with the other 14 member countries of RCEP reached 12.95 trillion yuan, a year-on-year increase of 7.5%, accounting for 30.8% of China's total foreign trade that year. Among them, in 2022, China's trade volume with ASEAN reached 6.52 trillion yuan, a year-on-year increase of 15%, accounting for 15.5% of China's foreign trade. ASEAN's position as China's largest trading partner has been further consolidated. In the first quarter of 2023, China imported and exported 3.08 trillion yuan to the other 14 member countries of RCEP. Among them, the growth of imports and exports to Singapore, Laos, and Myanmar reached 45.8%, 37.8%, and 29%, respectively. The overall trade of other RCEP member countries is showing a good development trend. The trade in Southeast Asian agricultural products, seafood, and Australian dairy products is growing rapidly, and the large market effect in East Asia continues to emerge.
Fully leverage the comparative advantages of various countries, utilize the rules of origin accumulation, and create a high-quality industrial chain in East Asia with global competitive advantages. The differences in development levels among RCEP member countries objectively form a unique development potential for the region