Tianjin envisions growing importance with signing of RCEP

(exploringtianjin.com)| Updated : 2020-12-22

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The recent formal signing of the Regional Comprehensive Economic Partnership agreement by 15 states, marking the birth of the world's largest free trade area, will increase Tianjin’s importance as the international shipment spot in northern China. It will also facilitate the construction of a world-class intelligent and green port in the city.

The RCEP accounts for about 30 percent of the world's population and global GDP and nearly 28 percent of international trade. In its simplest form, the RCEP can be seen as a framework for facilitating free, streamlined trade arrangements among the 15 signatory countries. 

By lowering tariffs and non-tariff barriers between the members and expanding market access to services and investment, the deal promotes regional trade and investment growth. It boosts each RCEP member's economic development to create a more prosperous, vibrant, integrated regional market. Tianjin Port envisions enlarging its presence as a transportation hub to help better connect the deal’s signatories.

In the first 11 months of this year, the port reported that its container throughput rose 6.1 percent year-on-year to more than 17.1 million 20-foot equivalent units (TEUs), according to Tianjin Port (Group) Co., Ltd.

As a maritime gateway hub for the Beijing-Tianjin-Hebei region, Xiongan New Area and North and Northwest China, Tianjin Port has three major international overland routes, namely Manzhouli, Erenhot and Alashankou. It also connects to Japan, the Republic of Korea, ASEAN and Europe.