This year marks the third anniversary of the implementation of the Regional Comprehensive Economic Partnership (RCEP).   

As a free trade area with the hugest population, the largest trade scale and the greatest potential for development, the RCEP has continued to expand its influence over the past three years, deepening trade and investment cooperation among member economies and serving as the primary driver of Asia-Pacific economic integration.

This photo taken on May 5, 2023 shows the venue for the First Hunan (Huaihua) RCEP Economic and Trade Expo in Huaihua City, Central China's Hunan Province. (Photo: Xinhua)

In the past three years, China's total trade with other RCEP members has reached 38.57 trillion yuan ($5.3 trillion), with trade in goods accounting for over 30 percent of China's total imports and exports. In 2024 alone, China's trade with RCEP partners amounted to 13.16 trillion yuan, representing a year-on-year increase of 4.5 percent.

These figures underscore the significant role the RCEP plays in advancing regional economic integration and trade liberalization. They also reflect China's unwavering commitment to expanding high-level opening up.

Transforming tariff reductions into market expansion, unlocking regional synergy

Under the RCEP framework, more than 90 percent of traded goods are progressively achieving zero tariffs. Expedited customs clearance—within six hours for express shipments and 48 hours for general cargo—has further strengthened the connectivity between "Made in China" and regional markets.

Thanks to the tariff exemption on sodium benzoate exported to Japan, which formerly stood at 4.1 percent, Wuhan Youji Holdings Ltd, a renowned toluene derivative products provider located in Wuhan, Central China's Hubei Province, has enjoyed cumulative tariff savings of nearly 5 million yuan.

In Zhejiang Province, the Ningbo-Zhoushan Port has launched new shipping routes to other RCEP member countries, significantly reducing logistics costs for enterprises.

An aerial drone photo taken on Sept. 11, 2024 shows a container terminal at the Sihanoukville Autonomous Port in Sihanoukville, Cambodia. (Photo: Xinhua)

In recent years, an increasing number of Chinese cities, including Qingdao, Guangzhou, Xiamen, and Dalian, have introduced dedicated trade routes targeting RCEP markets. This expansion has further strengthened China's economic and trade ties with other RCEP members, propelling regional economic cooperation toward a new phase of efficient synergetic development.

Rules of Origin: driving deeper industrial chain integration

The RCEP Rules of Origin - Cumulation has dismantled barriers to sourcing and production, promoting deeper industrial chain integration. Under this mechanism, raw materials sourced from one RCEP member country can be recognized as originating materials for another RCEP partner's production, which significantly lowers the threshold for enjoying tariff benefits.

For example, Wuxi Advanced Kayaku Chemical Co, Ltd in Wuxi, Jiangsu Province successfully obtained "regional origin" status for its dye products manufactured using raw materials imported from Thailand and Japan.

"The Rules of Origin - Cumulation, a key highlight of the RCEP, not only lowers the threshold for tariff benefits but also helps enterprises optimize industrial chains within their respective regions. It reshapes regional division of labor, strengthens production synergy, and enhances trade cooperation among members, thereby stabilizing and reinforcing regional industrial and supply chains," said Cheng Keke, an official with Wuxi Customs.

Enhancing industrial resilience

The RCEP has played a pivotal role in enhancing the resilience of China's manufacturing sector. Traditional industries such as textiles and apparel have regained competitiveness through cost reductions and efficiency improvements, while mid-to-high-end products such as automotive components and specialty chemicals have expanded their market share.

Meanwhile, 5G communication equipment and new energy vehicles are gaining increasing international recognition, with growing demand from other RCEP members—an affirmation of the mutually reinforcing dynamic between industrial upgrading and regional cooperation.

This photo taken on July 17, 2024 shows a view of the electric vehicle factory of China's carmaker GAC Aion in Rayong province, Thailand. (Photo: Xinhua)

Alongside growing trade flows, RCEP's institutional framework has also been continuously refined over the past three years. In 2024, as the non-ASEAN rotating chair of the RCEP, China actively worked to advance the accession procedures for new members. With joint efforts from all relevant parties, the RCEP Support Unit also became operational in 2024.

Sri Lanka and Chile have formally applied to join the RCEP, while several other economies have expressed strong interest in becoming RCEP members. The agreement's growing appeal and influence continue to rise.

However, leveraging the RCEP policy advantages requires sustained efforts. Challenges such as competitive pressure from low-cost production relocation in some countries, enterprises' insufficient utilization of policy provisions, and external risks from geopolitical tensions and supply chain fluctuations still exist.

Addressing these challenges demands accelerated cultivation of new quality productive forces like new energy vehicles and biomanufacturing, enhanced enterprise-targeted services through "doorstep policy delivery" and other initiatives, and collaborative rule-making in emerging fields such as the digital economy and green trade.

This photo shows a view of a symposium on leveraging the Regional Comprehensive Economic Partnership (RCEP) to build a high-level regional market in Bangkok, Thailand, Aug. 27, 2024. (Photo: Xinhua)

The upward trajectory of RCEP trade growth not only reflects expanded trade volumes but also exemplifies China's commitment to high-standard opening up and deeper integration into economic globalization.

As more enterprises seize opportunities through the RCEP gateway, the narrative of China's high-quality development in foreign trade will undoubtedly be enriched with more remarkable chapters.