On June 2, the Regional Comprehensive Economic Partnership Agreement (RCEP) officially entered into force for the Philippines, marking the full entry into force of RCEP for the 10 ASEAN countries and 15 signatory countries, including Australia, China, Japan, South Korea and New Zealand. The Ministry of Commerce said that the RCEP region's total population, GDP value, the amount of trade in goods accounted for about 30% of the global proportion of the agreement on the full entry into force of the 15 parties marked the world's most populous, the largest economic and trade scale, the most development potential of the free trade area into a new phase of full implementation.

　　The initial appearance of the effectiveness since its implementation

　　On November 15, 2020, the 10 ASEAN countries and Australia, China, Japan, South Korea and New Zealand signed the RCEP together and promoted the agreement to enter into force on January 1, 2022. The person in charge of the International Department of the Ministry of Commerce introduced that, with the joint efforts of all parties, since the implementation of RCEP, the initial results have emerged -

　　Closer trade in goods between members, intra-regional trade has become a key force to stabilize and drive the growth of foreign trade of members. Benefiting from the positive signals released by the implementation of RCEP, the region has continued to become a hot spot for global investment, with most members showing a positive upward trend in the use of foreign investment and the region as a whole attracting strong growth in greenfield investment.

　　The implementation of RCEP has played an important role in stabilizing foreign trade and foreign investment for China. In terms of trade, in 2022, China's total import and export with other RCEP members was RMB 12.95 trillion, up 7.5% year-on-year, accounting for 30.8% of China's total foreign trade import and export. from January to April 2023, China's total import and export with other RCEP members was RMB 4.12 trillion, up 7.3% year-on-year, accounting for 30.9% of China's total foreign trade import and export. The total import and export volume of China's foreign trade is 30.9%. In terms of attracting foreign investment, in 2022, China actually utilized US$23.53 billion of investment from other RCEP members, up 23.1% year-on-year. from January to April 2023, China actually utilized nearly US$8.9 billion of investment from other RCEP members, up more than 13.7% year-on-year.

　　The RCEP, together with the bilateral FTAs that have entered into force between China and other RCEP members, has created good conditions for enterprises to better enjoy the benefits and helped them reduce trade costs. 2022, Chinese enterprises enjoyed benefits under the RCEP for exports worth 235.3 billion yuan, and could enjoy tariff concessions of 1.58 billion yuan from importing countries; In the first quarter of 2023, China's enterprises enjoyed preferential export value of 62.29 billion yuan under RCEP, with tariff concessions of 930 million yuan from importing countries, and 18.25 billion yuan in import value, with tax concessions of 480 million yuan.

　　Promote the free flow of production factors in the region

　　With the official entry into force of RCEP for the Philippines, China and the Philippines will mutually implement RCEP tariff concessions. According to the announcement issued by the Tariff Commission of the State Council, the agreed tariff rates applied by the ASEAN member countries of RCEP will be implemented for some imported goods originating from the Philippines since June 2, 2023, with subsequent annual rates effective from January 1 of the same year.

　　"After RCEP formally comes into effect for the Philippines, it is expected to save our customers in the Philippines nearly one million yuan in import duties annually." Beibei Wang, import and export specialist of Shandong Intco Environmental Recycling Resources Co. said, "This has greatly enhanced the competitiveness of our products in the Philippine market, foreign customers are actively placing orders, and we are more confident in the Southeast Asian market."

　　Industry insiders believe that the RCEP, including China and the Philippines, is fully effective for 15 signatory countries, promoting 15 parties to fulfill their open commitments in goods, services and investment, and overlaying high-level rules in various fields, will greatly promote the free flow of raw materials, products, technologies, talents, capital, information and data and other factors of production in the region, and promote the gradual formation of a more prosperous regional integration market. Promote greater scope, higher level and deeper level of open cooperation among member countries.

　　The person in charge of the International Department of the Ministry of Commerce said that the full entry into force of RCEP has created more favorable conditions for China to expand trade in goods with its members, and will also lead to the opening of the corresponding trade in services and investment, and promote trade facilitation and the improvement of the business environment. Continued promotion of high-quality implementation of RCEP will be conducive to deepening the integration and development of the regional industrial chain supply chain, local, industrial and enterprise expansion of new space for international economic and trade cooperation, and the promotion of a higher level of system-based opening from a higher starting point.

　　Make good use of the policy dividends of the agreement

　　RCEP has come into full effect for all signatory countries, how to let local, industry and enterprises make good use of the policy dividends of the agreement?

　　"We will guide localities to implement the Guidance on the High Quality Implementation of RCEP, grasp the gradual opening process of RCEP, and gradually give full play to the economic effects of the agreement." The person in charge of the International Department of the Ministry of Commerce said that it will further strengthen RCEP thematic training, based on the 13 training sessions already held in the previous two years, focusing on specific industries such as petrochemicals, electromechanics, light textiles and automobiles to carry out in-depth training on the topic of RCEP stabilization chain and solid chain. Encourage local and industry to carry out more refined, more targeted training to help enterprises fully understand and use the policy dividends of the agreement.

　　Since RCEP came into effect, many localities have formed many innovative initiatives and achievements, including the implementation of RCEP trade facilitation measures of high standards, promoting the implementation of 6-hour customs clearance for express and perishable goods; actively building an online RCEP intelligent application public service platform, vigorously promoting the certificate of origin full-process digital services, helping enterprises to enjoy benefits efficiently; developing and increasing foreign trade in the direction of RCEP members Liners, air routes, railroad freight trains and sites to enhance the efficiency and capacity of port clearance.

　　 At the same time, on the basis of optimizing the functions of China Free Trade Zone Service Network in the early stage, we will continue to provide RCEP policy consultation and Q&A services for enterprises. Actively promote the coordination and docking of product and service standards regulation among members, pragmatically promote regional cooperation on mutual recognition of conformity assessment, create better conditions for high-quality implementation of RCEP, drive local and enterprises to more fully integrate into the RCEP market, and achieve mutual benefits and common development at a higher level.