The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement with the largest population coverage, the largest trade scale and the largest development potential in the world. It is an important milestone in regional economic integration in the Asia-Pacific. Since it entered into force one year ago, the RCEP has helped to promote wider and deeper openness and regional cooperation against higher standards, and boosted confidence in global economic recovery.

First, it stimulated vitality for regional economic development. In 2023, intra-regional trade of RCEP members reached USD5.6 trillion, slightly higher than in 2021, before the agreement entered into force. Industrial chain and supply chain cooperation in the region has become closer. In 2023, RCEP members attracted USD234.1 billion greenfield investment, up 29.8%, 2.2 times that of 2021.

Second, it has contributed to China’s high-standard opening-up. Trade in goods has made steady progress. In 2023, China’s import and export with other 14 RCEP members totaled RMB12.6 trillion, up 5.3% from 2021. Investment cooperation has increased. In 2023, China’s non-financial direct investment flows in other RCEP members reached USD18.06 billion, up 26%, 14 percentage points higher than China’s overall ODI growth. More enterprises have benefited from RCEP. In 2023, Chinese companies imported goods worth RMB90.52 billion using RCEP rules, with RMB2.36 billion of tax benefits.

Going forward, MOFCOM will continue to work on the high-quality implementation of RCEP. Externally, we will give full play to China’s role as RCEP co-chair in 2024, take the lead to ensure all parties can implement the agreement effectively, so that the benefits of RCEP can be felt across the region. Internally, we will continue to provide support and services for enterprises to make full use of preferential measures of RCEP and other FTAs. We have recently published 28 best practices on the high-quality implementation of RCEP, covering four aspects: top-level design, trade in goods, trade in services and investment, and business environment. They can provide good reference for local governments in the implementation of RCEP, so that it can be better utilized and bring more benefits to enterprises. Thank you.