Daily Times

Trade between China and the other members of the Regional Comprehensive Economic Partnership (RCEP) has sustained rapid growth since the trade agreement took effect at the beginning of this year, according to the Ministry of Commerce (MOC).

China’s trade with the other RCEP members expanded 7.9 percent year on year to 11.8 trillion yuan (about 1.69 trillion U.S. dollars) in the first 11 months of 2022, accounting for 30.7 percent of China’s total foreign trade value, data from MOC shows. During the this period, the country’s exports to other RCEP members increased 17.7 percent from a year earlier to 6 trillion yuan, MOC spokesperson Shu Jueting told a media conference. More efforts will be made to promote the high-quality implementation of the RCEP and other free trade agreements, make full use of such agreements, and improve their comprehensive utilization efficiency, Shu said. The ministry will also conclude free trade agreements with more trading partners, further open China’s trade in goods, services, and investment markets, and take an active part in negotiations on new rules for the digital economy and environmental protection, Shu said.

Meanwhile, China has decided to adjust its tariff plan for 2023 and expand the number of tariff items in line with the need for industrial development and technical advancement, the Customs Tariff Commission of the State Council said Thursday. Approved by the State Council, the adjustment involves changes in the import and export tariffs of some products and sets up new tariff items such as white tea, jasmine tea, surgical robots, laser radars, and vegetable seeds.