Trade Between China And RCEP Partners Expanded 7.9% In 2022

Trade between China and the other members of the Regional Comprehensive Economic Partnership (RCEP) has sustained rapid growth since the trade agreement took effect at the beginning of this year, according to the Ministry of Commerce (MOC).

China’s trade with the other RCEP members expanded 7.9 percent year on year to 11.8 trillion yuan (about 1.69 trillion U.S. dollars) in the first 11 months of 2022, accounting for 30.7 percent of China’s total foreign trade value, data from MOC shows.

During the period, the country’s exports to other RCEP members increased 17.7 percent from a year earlier to 6 trillion yuan, MOC spokesperson Shu Jueting told a media conference.

More efforts will be made to promote the high-quality implementation of the RCEP and other free trade agreements, make full use of such agreements, and improve their comprehensive utilization efficiency, Shu said.

The ministry will also conclude free trade agreements with more trading partners, further open China’s trade in goods, services and investment markets, and take an active part in negotiations on new rules for the digital economy and environmental protection, Shu said

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