RCEP countries are highly complementary, China-ASEAN trade continues to grow

On July 14th, the fourth meeting of “Symposium on Enhancing RCEP National Industrial Cooperation” was held. Xu Ningning, executive chairman of the China-ASEAN Business Council and chairman of the RCEP Industrial Cooperation Committee, said that the industries of RCEP countries are highly complementary, and the prospects for enhancing cooperation are promising. From January to June this year, China’s trade volume with RCEP’s trading partners and ASEAN increased by 22.7% and 27.8% in RMB terms, respectively. China and ASEAN remain each other’s largest trading partners.
At the meeting, Xu Ningning analyzed the main features of RCEP:
One is the large scale. RCEP is a free trade zone with the largest population, the largest economy, the most diverse member structure, and the greatest development potential in the world, covering about 30% of the world’s population, 30% of the total economic volume and 30% of foreign trade.
Second, RCEP has opened more fields and degrees than WTO. Within the RCEP framework, China, Japan, Japan and South Korea have reached a breakthrough in free trade consensus.
The third is to have a foundation. RCEP is integrated and upgraded on the basis of the 10+1 free trade agreement implemented by ASEAN with China, Japan, South Korea, Australia and New Zealand, and has a corresponding free trade foundation. The 10+1 strategic partnerships in the region have promoted a series of cooperation between the two parties in the past ten years.
Fourth, ASEAN dominates. Characteristics of East Asia-RCEP is initiated and led by ASEAN, which is mainly composed of developing countries.
Fifth, after 8 years of negotiation, RCEP has fully brewed the changes brought about by the open market.
Sixth, RCEP countries have close trade and investment relations, and industries are highly complementary. The construction of RCEP is not only conducive to the expansion of trade scale and mutual investment among member countries, and brings more trade creation, but also conducive to RCEP member countries to attract more investment from enterprises outside the region.
Seventh, the demand for cooperation has risen. RCEP countries have an increasing demand for cooperative development of regional development potential, cooperating to cope with sluggish world economic growth for many years and the current severe decline, and to cope with the rising demand for international trade protectionism.
Xu Ningning said that from January to June this year, the trade volume between China and ASEAN reached US$41.76 billion, a year-on-year increase of 38.2%. The trade volume between China and ASEAN is US$22.55 billion more than the trade volume between China and the EU, the second largest trading partner. China-ASEAN trade accounted for 14.7% of China’s total foreign trade value, which was the same as the same period last year.
From January to June this year, China’s exports to ASEAN reached US$225.83 billion, a year-on-year increase of 38.3%; China’s imports from ASEAN reached US$184.92 billion, a year-on-year increase of 38.1%; China had a surplus of US$40.91 billion, a year-on-year increase of 26.2%. Among the ten trade between China and ASEAN countries, China and Vietnam had the largest trade surplus of US$25.28 billion, accounting for 61.8% of the total surplus between China and ASEAN; China and Malaysia had the largest trade deficit of US$13.89 billion.
From January to June this year, the trade volume between China and Japan reached US$181.29 billion, a year-on-year increase of 23.7%; the trade volume between China and South Korea reached US$168.88 billion, a year-on-year increase of 28.5%; the trade volume between China and Australia reached US$1074.2, a year-on-year increase of 35. %; The trade volume between China and New Zealand reached US$12 billion, a year-on-year increase of 36.1%.
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