Trade between China and members of the Regional Comprehensive Economic Partnership (RCEP) has seen steady growth since the trade agreement took effect at the beginning of this year, the latest official data showed.
According to the General Administration of Customs (GAC), China’s trade with the other 14 member states expanded 6.9 percent year on year to 2.86 trillion yuan (about 448.6 billion U.S. dollars) in the first quarter of 2022, accounting for 30.4 percent of China’s total foreign trade value.
The world’s largest free trade pact is believed to create a more favorable trade environment in the region.
The free trade pact initially entered into force for 10 members on Jan. 1, 2022, followed by ROK and Malaysia on Feb. 2 and March 18. Up to now, the agreement is effective for 12 of its 15 signing members.