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On January 1, 2022, the regional comprehensive economic partnership agreement (RCEP) will officially enter into force.

The regional comprehensive economic partnership (RCEP) was initiated by ASEAN in 2012 and lasted eight years. It was formulated by 15 members including China,Japan,South Korea,Australia,New Zealand and ten ASEAN countries.

General Administration of Customs of China

According to the General Administration of customs, RCEP is currently the largest free trade agreement in the world. The total population, economic volume and total trade volume of 15 member countries account for about 30% of the global total. In 2020, the total value ofChina's imports and exports to 14 other RCEP member countries was 10.22 trillion CNY, accounting for 31.7% ofChina's total import and export value in the same period. From January to November this year,China's total import and export value to 14 other RCEP member countries was 10.96 trillion CNY, accounting for 31% ofChina's total foreign trade value.

At present, the General Administration of Customs has made full preparations for the implementation of RCEP.

Ministry of Commerce of China

At the regular policy briefing of the State Council held by the State Council Information Office on December 30, 2021, Ren Hongbin, Vice Minister of Commerce, said that RCEP is of great significance toChina's construction of a new development pattern.

The implementation of RCEP is a new milestone inChina's opening to the outside world.

The implementation of RCEP provides strong support for the construction of a new development pattern, and will become a link and bridge forChinato connect domestic and international double cycles, making the domestic and international markets and resources more closely connected.

The entry into force of RCEP will greatly boost confidence in economic recovery against the backdrop of the epidemic, effectively hedge the negative impact of the COVID-19 epidemic on the economy, boost confidence in trade and investment, and inject new impetus into China's economic growth.