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RCEP contributes to global trade, investment growth in past year

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By Luo Shanshan, People’s Daily

Jan. 1 this year marked the first anniversary of the Regional Comprehensive Economic Partnership (RCEP). Over the past year, China advanced high-quality implementation of this world’s largest trade deal and the policy dividends of the deal kept releasing, which effectively promoted regional economic integration.

In a smart workshop of Zhejiang Cayi Vacuum Container Co., Ltd. in east China’s Zhejiang province, thermal cups were rolling off the production line and ready to be shipped to European and Asian markets. Last year, the company’s exports exceeded $100 million.

“In early 2022, we got the first RCEP certificate of origin in Zhejiang province, and the tariff rate for our thermal cups to be exported to Japan was reduced to 3.2 percent from 3.9 percent. It saved us over 200,000 yuan ($29,498) last year,” said Gu Lili, manager of the company’s foreign trade department.

According to Gu, the rate has been further lowered to 2.8 percent this year, which makes the company’s products more competitive.

“We are confident in further expanding our exports,” she said.

The reduced cost brought about by lowering tariffs is the most direct benefit of the RCEP for enterprises. According to the trade pact, more than 90 percent of merchandise trade among members that have approved the agreement will eventually be subject to zero tariffs. Those include immediate cutting of tariffs to zero and cutting of tariffs to zero gradually in 10 years. This has significantly boosted the will for trade in the region.

In recent years, China has seen an increase in the number of fruits imported from ASEAN countries. Since the RCEP took effect, agricultural trade between its members has become closer and more frequent. A large number of fruits, such as bananas from Myanmar, longans from Cambodia, and durians from Vietnam, are entering the Chinese market and enriching the choices of Chinese consumers.

Yuan Bo, associate director of the institute of Asian Studies under the Chinese Academy of International Trade and Economic Cooperation, told People’s Daily that RCEP tariff cuts and trade facilitation measures have brought tangible benefits to enterprises, and RCEP members now stand as an important market for Chinese enterprises and an important source of imports from China.

According to the General Administration of Customs, China’s trade with the other 14 RCEP member countries reached 12.95 trillion yuan last year, up 7.5 percent and accounting for 30.8 percent of its total foreign trade.

The country achieved double-digit trade growth with eight RCEP members. In particular, that with Indonesia, Singapore, Myanmar, Cambodia, and Laos was over 20 percent.

Experts believe that RCEP members enjoy high economic complementarity, and the region features complete capital, technological, and labor factors.

Thanks to the accumulation of origin, facilitation of customs procedures and trade, as well as negative list-led investment liberation, RCEP members have further lowered market access for commodities, services, and investment. It promotes the free flow of economic factors in the region and strengthens the division of labor and cooperation among members, thus making industrial and supply chains more reasonable.

The favorable policies under the RCEP framework have constantly enhanced industrial cooperation and increased direct investment between RCEP member countries. Last year, China’s imports and exports of intermediate products to other RCEP member countries reached 8.7 trillion yuan, an 8.5 percent increase, accounting for 67.2 percent of China’s total imports and exports with other RCEP member countries in the same period.

It’s noteworthy that the implementation of the RCEP has brought fiercer market competition to some Chinese enterprises. To promote high-quality implementation of the RCEP, China must build its international competitiveness.

“Though the RCEP has been in effect for only around a year, it has done a good job in facilitating trade, integrating industrial chains, making regional development more attractive, and benefiting small- and medium-sized enterprises and citizens with development results,” said Gu Qingyang, associate professor with the Lee Kuan Yew School of Public Policy, Nanyang Technological University.

He believes that China plays an important role in the RCEP, and the country’s robust economic growth in the future will create broader room of development for the trade deal.

It is believed that as RCEP members further fulfill their promises to open up under the trade pact, the potential for regional economy and trade will be further activated and thus contribute more to global economic and trade recovery.

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Fuel Price May Hit ₦5,000 Per Litre Under Tinubu — Atiku Warns

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By Fabian Apechihin

Former Vice President Atiku Abubakar has warned that petrol prices could rise to ₦5,000 per litre under President Bola Tinubu’s administration if the government fails to address concerns surrounding oil revenues and public spending.

Atiku raised the alarm through his Senior Special Assistant on Public Communication, Phrank Shaibu, following the latest petrol price increase.

He questioned why Nigerians were paying as much as ₦1,470 per litre when crude oil was trading at approximately $102.52 per barrel.

“With crude oil around $102.52 per barrel, Nigerians are paying as much as N1,470 per litre. In 2008, when crude oil reached about $147 per barrel, petrol sold at N65 per litre under the Yar’Adua administration,” Atiku said.

The former vice president called for a reconciliation of oil revenues and deductions from 2023 to date, arguing that Nigerians should be able to establish how much revenue was generated, what deductions were made before distribution and where the funds eventually went.

“Nigerians deserve accounts they can interrogate, not accounting labels designed to discourage questions,” he said.

Atiku also questioned the use of funds saved following the removal of the petrol subsidy, recalling the government’s earlier assurances that the savings would create room for increased investment in education, healthcare and infrastructure.

“After all the pain imposed on Nigerians, they have a right to ask: where are the subsidy savings and where is the money?” he asked.

He further called for scrutiny of financial transactions involving the Renewed Hope Infrastructure Development Fund, OML 143, oil production revenues and the Nigerian National Petroleum Company Limited’s international liquefied natural gas trading operations.

“These allegations are too serious to be answered with press statements and political insults. Every barrel can be measured, every cargo identified and every legitimate payment traced,” Atiku said.

The former vice president’s remarks come amid continuing public debate over petrol pricing, oil revenue management and the economic impact of subsidy removal on Nigerians.

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2027: Atiku Hosts Aisha Buhari in Abuja Amid Political Realignment

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Former Vice President Atiku Abubakar on Wednesday hosted the former First Lady, Aisha Buhari, in Abuja, in a meeting that has attracted attention amid growing political realignments ahead of the 2027 general elections.

Neither Atiku nor Aisha publicly disclosed details of their discussions or indicated whether the meeting centred on political matters.

The meeting comes against the backdrop of renewed interest in the Buhari family’s political influence, particularly in Katsina State.

In May, Yusuf Buhari, son of the late former President Muhammadu Buhari, won the All Progressives Congress (APC) primary for the Sandamu/Daura/Mai’adua Federal Constituency seat in Katsina State. He secured 6,386 votes, defeating Auwal Daura, who polled 322 votes.

The outcome generated considerable interest within political circles in the Daura axis, where the Buhari family has maintained a strong political presence.

Aisha Buhari has also remained active in promoting the legacy of her late husband, who died in London on July 13, 2025.

In July, she described education and human capital development as among Muhammadu Buhari’s most important legacies while speaking at the groundbreaking ceremony for a Computer Science Complex at Al-Qalam University, Katsina.

The project is being financed with proceeds from the book From Soldier to Statesman: The Legacy of Muhammadu Buhari, which chronicles the former president’s life and public service.

Aisha said the initiative was aimed at preserving Buhari’s legacy through investment in education, knowledge and innovation rather than through the construction of monuments.

Although the purpose and outcome of Wednesday’s meeting between Atiku and Aisha were not publicly disclosed, the encounter has drawn attention as political actors and groups continue to position themselves ahead of the 2027 elections.

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2027: VP Shettima Urges Politicians To Play Politics without Bitterness

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  • As Gov AbdulRazaq Is Turbaned As Sadauna Of Ilorin Emirate

Stephen Olufemi Oni, Ilorin

Vice President Kashim Shettima has stressed the need for politicians to embrace one another, play politics without bitterness and according to the rules in order to ensure an astronomical growth and development for the country.

Shettima made the appeal on Wednesday in Ilorin, the Kwara State capital, at the turbaning of Governor AbdulRahman AbdulRazaq as the Sardauna of Ilorin Emirate by the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari, while admonishing
Nigerians to serve with humility, do good to one another and have forgiving spirit, as they, according to him, would spend more time after office.

He added: “Power is given by God to the people He so wishes and not because we are better than others. I, therefore, call on all politicians to unite themselves as one family despite their political differences.

“Take a cue from President Bola Ahmed Tinubu that I serve as his assistant. He is a good and decent man who has the love and interest of Nigerians at heart.”

Shettima explained that when they assumed office in 2023, the economy of the country was at the brink of collapse, but President Tinubu refused to pass blame; with courage he accepted both the assets and liabilities and moved on.

He further disclosed that during the 2023 electioneering campaign, only six out of the 19 northern governors supported Tinubu’s presidential aspiration, based on the erroneous belief that Baba (Buhari) didn’t like him, adding: “But today the President has embraced everybody as his own and things are going on well”.

He added: “President Bola Ahmed Tinubu is a good man by all standard; he believes in the people that work with him.”

Shettima also thanked the Emir of Ilorin for the honour done to Governor AbdulRazaq, which , he noted, was based on his contributions to the development of the Ilorin Emirate and the State at large, adding that “the father of the Governor had planted a solid footprint in the Ilorin Emirate and by extension Nigeria as a whole”.

Shettima, who expressed optimism that this new chapter would create a stronger bond between the Emirate and the family of Governor AbdulRazaq, urged the people to continue to pray for the progress and development of the Emirate and the State as a whole.

He commended Governor AbdulRazaq for his efforts in the massive improvement on infrastructure to assist the people of the State, as well as for his
contributions to the actualisation of policies and programmes of government at the federal level towards providing succour to average Nigerians.

In his remarks, the Matawaliof Ilorin Emirate, Dr.Alimi AbdulRazaq, said the title of Sardauna bestowed on the Governor was well deserved, thanking the Emir of Ilorin for finding the Governor worthy of the noble recognition by the Emirate.

Dr,Alimi urged the Governor to see the tittle as a clarion call to provide more dividends of democracy to the nooks and crannies of the State.

The turbaning ceremony witnessed large turnout of dignitaries, including the Governor of Niger state, Umar Bago, Governor of Kaduna state, Senator Uba Sani, Governor of Imo State ,Hope Uzodinma, and Governors of Kebbi ,Katsina States.

Others are the Emir of Zazzau Emirate, Ambassador Ahmed Nuhu Bamali, the Deputy Governors of Sokoto, Anambra, Nasarawa, Delta, Ondo, and Oyo States.

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