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According to a recent report of the Asian Development Bank, thanks to China's resilient post-COVID export, intra-regional trade links and the deepening of regional value chains in the Asia-Pacific region are not weakened. What is the comment of the Ministry of Commerce?(2022-02-24)

Strengthening intra-regional trade cooperation in the Asia-Pacific enjoys unique advantages and good momentum. First, the factor resources are abundant and the market scale is huge. The Asia-Pacific region has a large population, different resource endowments, strong economic complementarity and convenient connectivity. As economic globalization deepens, with the accelerated flow of capital, technology, labor and other factors, the Asia-Pacific region has become the most dynamic and promising economic powerhouse globally. Since the COVID-19 outbreak, Asia-Pacific countries have supported each other, with growing trade and closer cooperation on industrial chain, showing strong development resilience and potential, making the region an important engine of world economic growth. Second, the trade creation effect of the Regional Comprehensive Economic Partnership Agreement. After the RCEP Agreement comes into effect, over 90 percent of the goods in the region will eventually trade at zero tariff. Uniform rules on rules of origin, customs procedures, inspection and quarantine, among others, have gradually been launched; the intra-regional trade cost has been significantly reduced; the level of trade facilitation will be further improved; and it will be more efficient to promote cooperation on industrial chain and supply chain.

China stands ready to work with other countries in the Asia-Pacific region to continue to strengthen cooperation against COVID-19, fully unleash the potential of trade and investment cooperation, jointly safeguard the stability of industrial chain and supply chain, promote common development in the Asia-Pacific region and make Asia-Pacific contribution to world economic recovery. Thank you.