Asian-Pacific region has unique advantages, internal impetus to enhance intraregional trade cooperation: MOC

Aerial photo taken on April 6, 2021 shows a view of the automated container terminal of Shanghai's Yangshan Port, east China. (Xinhua/Fang Zhe)

There are unique advantages and inner impetus for the Asian-Pacific region to strengthen intraregional trade cooperation, reported China Securities Journal Thursday quoting a spokesperson of the Ministry of Commerce (MOC).

The region has abundant production factors and huge market scale, and with rich resources and large population, it also boasts highly complementary and connected economies, noted MOC spokesperson Gao Feng at a press conference held Thursday.

As the economic globalization further advanced and the flow of production factors like capital, technology and labour speeds up, the Asia-Pacific region has become the most dynamic and promising region worldwide, said Gao.

He noted that since the outbreak of COVID-19, countries in the region have been supporting each other with increased trade activities and closer industrial chain cooperation, demonstrating strong resilience and potential of development and becoming important driving forces of the world economy.

The Regional Comprehensive Economic Partnership (RCEP) also helps create many trade opportunities, pointed out Gao, adding that the implementation of RCEP will eventually ensure over 90 percent of trade in goods within the Asia-Pacific region enjoy zero tariffs.

With the gradual implementation of uniform rules such as rules of origin, customs procedures, and inspection and quarantine, the cost of trade within the region will be significantly reduced, and the trade will be more convenient, promoting more efficient coordination inindustrial and supply chains, Gao noted.

To promote common development in the Asia-Pacific region and contribute to global economic recovery, China stands ready to work with the rest of countries in the region to strengthen anti-COVID-19 cooperation, fully unleash the potential of trade and investment cooperation, and safeguard the stability of industrial and supply chains, said Gao Feng.