According to the Ministry of Commerce, trade between China and the other members of the Regional Comprehensive Economic Partnership (RCEP) has been growing rapidly since the trade agreement went into effect at the beginning of this year (MOC).
According to MOC data, China’s trade with the other RCEP members increased 7.9 percent year on year to 11.8 trillion yuan (about 1.69 trillion US dollars) in the first 11 months of 2022, accounting for 30.7 percent of China’s total foreign trade value.
During the period, the country’s exports to other RCEP members increased 17.7 percent year on year to 6 trillion yuan, according to MOC spokesperson Shu Jueting.
More efforts will be made to promote the high-quality implementation of the RCEP and other free trade agreements, as well as to fully utilize such agreements and improve their overall utilization efficiency, according to Shu.
According to Shu, the ministry will also sign free trade agreements with more trading partners, expand China’s trade in goods, services, and investment markets, and participate actively in negotiations on new rules for the digital economy and environmental protection.
Source: Xinhua