RCEP Economic Trends June 2022

The Regional Comprehensive Economic Partnership (RCEP) has been in place for six months and has brought significant benefits to import and export businesses and consumers. The agreement has grouped 15 Asia-Pacific economies including all 10 members of the Association of Southeast Asian Nations to create the world’s largest free-trade bloc, promoting regional economic integration through tariff concessions and other trade and investment liberalization and facilitation measures.

According to statistics from Beijing Customs, in the first half of 2022, 770 million yuan of import and export goods in Beijing profited from the RCEP, and 687 million yuan of goods of local export enterprises enjoyed a tariff reduction of about 6.87 million yuan in the importing countries.

Japan has become the largest destination for RCEP-related certificates of origin of Beijing, in which 1,602 such certificates have been issued, involving a goods value of 103.5127 million U.S. dollars.

A total of 100,000 tons (metric tons) of goods from other RCEP member countries entered China through the airport in the first half of this year, an increase of 49.8 percent over last year.

The implementation of the RCEP has not only brought tax benefits to foreign trade enterprises but also improved the efficiency of customs clearance.