RCEP injects sustained impetus into cooperation between ASEAN, E. China's Fujian

Updated: September 9, 2022 Source: Belt and Road Portal
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Aerial photo taken on Sept. 29, 2021 shows the city view of Xiamen, east China's Fujian Province. (Xinhua/Jiang Kehong)

The 2022 RCEP (Fujian) Trade & Economic Cooperation Conference was held on Wednesday in Xiamen, a port city in east China's Fujian Province, as a measure to promote local and foreign enterprises to make better use of the Regional Comprehensive Economic Partnership (RCEP) trade pact, reported Chinanews.com.

Participants at the conference agreed that the implementation of the RCEP has offered huge opportunities to fend off external risks and injected sustained impetus into economic and trade cooperation between Fujian and the Association of Southeast Asian Nations (ASEAN), through effective efforts in eliminating trade barriers, smoothing investment channels and stimulating market vitality.

In the first seven months of this year, the actual utilization of foreign capital by Fujian was 3.37 billion U.S. dollars, up 5.7 percent year on year, among which the capital used from RCEP members increased 14.6 percent year on year. Trade between Fujian and RCEP members totaled 320.85 billion yuan (about 46.05 billion U.S. dollars) in the first half of 2022, up 5.8 percent from the same period of last year.

With combined advantages as a special economic zone, a pilot free trade zone and a core area of the maritime Silk Road, Fujian is an important node and channel of the "dual circulation" of domestic and international markets, maintaining close economic and trade ties with RCEP members, said Xu Min, chairman of the Fujian Sub-Council of the China Council for the Promotion of International Trade (CCPIT).

High-quality implementation of the RCEP requires concerted efforts of all parties, according to Feng Yaoxiang, head of the trade and investment promotion department under the CCPIT, urging relevant government sectors of member nations to accelerate the implementation of RCEP related commitments and rules, so as to improve trade and investment facilitation.

Editor: Su Dan