Wenzhou Port at dawn. [Photo by Fang Yiming/WeChat account: gh_188320c5037f]
Enterprises in Zhejiang province, particularly in Wenzhou, have reaped the benefits of the Regional Comprehensive Economic Partnership Agreement over the past year.
RCEP's implementation has led to preferential treatment on imported goods totaling 1.2 billion yuan ($174.08 million) and a reduction of over 200 million yuan in import and export duties.
Since RCEP's implementation, Wenzhou's economic and trade exchanges with Thailand have become more active, increasing its imports and exports by nine percent year-on-year in 2022, making RCEP the city's largest import and export market.
RCEP has notably reduced trade costs for Wenzhou businesses, enhancing their export competitiveness. With RCEP's further implementation, Wenzhou enterprises can explore new business opportunities in high-quality good imports, service trade, and international bilateral investment, enhancing their ability to participate in international exchanges and cooperation.
RCEP's strategic significance is not just in tariff reductions but also in increasing opportunities for Wenzhou to engage with industrial chains, technology, brands, and cooperation with Southeast Asian regions. This presents opportunities for Wenzhou's businesses to boost their core competitiveness through technological cooperation with advanced industrialized countries such as Japan and South Korea.
The participation of Wenzhou's enterprises in RCEP exhibitions has been actively facilitated by the city's trade promotion organization, and the opening of trade logistics channels has created significant opportunities for expanding service trade, digital economy, and green economy.
