The RCEP is the first anniversary of the implementation of the Regional Comprehensive Economic Partnership. As the free trade agreement with the largest population and trade scale in the world, the RCEP has taken effect in 13 out of the 15 signatories in the past year. It has effectively reduced trade barriers within the Asia-Pacific region and further stimulated and expanded China's internal and external circulation.
The RCEP has reduced tariff costs in cross-border trade between member states. As a whole, the number of products with zero tariffs in goods trade has exceeded 90 percent, and the sectors with high tariff rates such as food, agriculture, consumer goods and automobiles have benefited the most.
The RCEP will help deepen regional economic and trade cooperation, consolidate regional industrial and supply chains, enhance trade and investment liberalization and facilitation, and foster a more convenient and friendly regional business environment.