RCEP agreement promotes the development of cross-border e-commerce and boosts global economic recovery

The trade agreement signed by the 10 ASEAN countries and China, Japan, South Korea, Australia and New Zealand, namely the Regional Comprehensive Economic Partnership Agreement, abbreviated as RCEP , was implemented on January 1 this year and has been in effect for nearly five months.

In a short period of time, the RCEP agreement has not only promoted the development of cross-border e-commerce , but also strengthened trade exchanges among RCEP member countries. These favorable impacts will help the recovery of the global economy.

Not only that, products with Chinese characteristics as well as local Chinese textiles and agricultural products are also very popular among people in Southeast Asia and Asian countries.

Impact after the RCEP Agreement comes into effect

Many cross-border export sellers have reported that the RCEP agreement not only simplifies customs procedures, but also enables multiple categories of goods to enjoy preferential tariff treatment.

These policies have led to an increase in foreign trade data. According to customs statistics, in the first quarter of this year , China's imports and exports to the other 14 RCEP member countries amounted to 2.86 trillion yuan, up 6.9% year-on-year, accounting for 30.4% of China's total foreign trade. Among them, exports amounted to 1.38 trillion yuan, up 11.1% .

Not only that, the RCEP agreement also helps many small and medium-sized enterprises develop new foreign trade formats, such as cross-border e-commerce and international trade, and accelerates the pace of foreign trade development of small and medium-sized enterprises.

Most importantly, the RCEP agreement strengthens trade exchanges among RCEP member countries , reduces the economic impact of the epidemic, and boosts the recovery of the global economy.

Taking China as an example, in the first quarter, China's imports and exports with South Korea, Malaysia, New Zealand and other countries grew by more than double digits year-on-year.

Which industries have benefited from the "RCEP dividend"?

The survey found that among the major categories of goods exported by China to Japan, textiles may be the industry sector that benefits the most. Japan originally imposed an import tariff of about 8%-11% on textiles and clothing . Under the influence of the RCEP agreement, Japan promised to gradually reduce the tariff until it drops to zero in 15 years.

Not only textiles, but also five important agricultural products such as rice and wheat , Japan will gradually eliminate tariffs on about 50% of agricultural products from China .

In addition to tariff policies, many RCEP member countries also provide support for cross-border e-commerce.

At the end of March , the consul generals from Vietnam, Thailand and Malaysia in Nanning, Guangxi, launched a live streaming sales event through the cross-border e-commerce platform Lazada , recommending some Guangxi specialties to people in Southeast Asian countries, such as jasmine tea, mandarin oranges, bird's nests, medical supplies and snail noodles.

Since the outbreak of the epidemic , more consumers in Southeast Asian and Asian countries have become fond of online shopping . The above e-commerce activities will further enhance the trade ties among RCEP member countries, while also providing practical support for the global economic recovery .

Whether it is enjoying preferential tariff treatment, promoting the rapid development of popular export industries, or expanding new consumption methods through cross-border e-commerce platforms, it has been proved that the RCEP agreement plays an important role in foreign trade growth. Under the influence of the epidemic and the urgent need for economic recovery, the RCEP agreement will bring RCEP member countries closer together and will have a far-reaching impact on regional trade, investment and market integration.

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RCEP Agreement