East Asia will become the new center of global trade(2)

It is reported that Vietnamese businesses hope to explore business opportunities in China through RCEP. Huang Guangfeng, chairman of the Vietnam Chamber of Commerce and Industry, said that RCEP is expected to become a new driving force for the Vietnamese economy and help it recover and grow after the epidemic. The preferential tariffs will help Vietnamese companies increase the goods and services they sell to overseas markets and enable Vietnam to better integrate into the region. And international supply chains and value chains, while attracting more foreign investment.

In addition to RCEP, Cambodia's bilateral free trade agreement with China also came into effect on January 1. He Enzo, vice chairman of the Cambodian Garment Manufacturers Association, pointed out that zero tariffs or tariff cuts can reduce production costs, thereby enhancing the competitiveness of Cambodian manufacturers and helping them win more orders.

According to the report, the vice president of the Lao National Chamber of Commerce and Industry Ben Le Luang Pakse stated that RCEP is of great significance to promoting regional free trade and will also allow the China-Laos railway to be opened in early December 2021 to play a greater role. "Under the RCEP framework, The China-Laos Railway has played an important role in promoting trade and investment in Laos."

According to Kyodo News Tokyo’s report on January 1, RCEP came into effect on January 1, marking the start of the world’s largest economic circle. Behind the RCEP lies the market's great expectations for expanding free trade and promoting economic growth.