The Regional Comprehensive Economic Partnership (RCEP) officially came into effect on Jan 1, 2022. Using its location and platform advantages, Qinzhou has continued to strengthen its open cooperation with the Association of Southeast Asian Nations (ASEAN), and has moved forward in trade and investment, industrial cooperation, financial cooperation, and port and shipping logistics.

In March 2021, the Qinzhou Council for the Promotion of International Trade and Qinzhou Customs jointly hosted RCEP tariff implementation classes, which explained the RCEP's general situation, tariff reductions and exemptions, and rules of origin for enterprises, and also discussed the favorable policies of the RCEP. Qinzhou Port Customs also formulated RCEP policy guidance plans.

"After listening to the classes, we learned that after the RCEP takes effect, tariffs on the imported products of enterprises will decrease year by year," said the leader of a Guangxi's electromechanical manufacturing company, "Our company is learning about RCEP policy to broaden our supplier options."

ASEAN has been Qinzhou's largest trading partner for many years. In the first ten months of 2021, Qinzhou Port's imports and exports to the 10 ASEAN countries were valued at 32.95 billion yuan ($5.17 billion), an increase of 57.6 percent year-on-year; imports and exports to South Korea and Japan were 3.22 billion yuan and 1.63 billion yuan, increasing 49 percent and 4.5 percent year-on-year, respectively.

After the RCEP takes effect, it will promote the flow of funds between RCEP member states and boost cooperation between China and ASEAN. Qinzhou will strengthen cooperation in financial opening up and promote cross-border RMB business innovation with ASEAN.

The China-Malaysia Qinzhou Industrial Park. [Photo/WeChat account: zmqqzgpq]