Myanmar supports good-neighborly economic and trade cooperation for RCEP(1)

On May 1, the Regional Comprehensive Economic Partnership (RCEP) came into effect between China and Myanmar. It is foreseeable that the implementation of the RCEP between China and Myanmar will more effectively promote the development of trade and investment in Myanmar, and support Myanmar's economic recovery from the impact of the new crown pneumonia epidemic as soon as possible.

Regional economic and trade cooperation is more pragmatic. Although the new crown pneumonia epidemic has had a certain impact on the economic and trade exchanges between the two countries, China-Myanmar economy and trade are still developing steadily and pragmatically. From January to April, the bilateral trade volume between China and Myanmar was US$7.389 billion. In February this year, Myanmar corn gained market access to China, which further broadened the categories of Myanmar agricultural products exported to China, and also helped Myanmar to expand the scale of its exports to China. Since May 1, RCEP has come into effect between China and Myanmar. China has given preferential treaty tax rates to goods imported from Myanmar that are subject to the standard of origin in the agreement, and enterprises engaged in Sino-Myanmar trade have also enjoyed new preferential treatment since then.

Connectivity achieves mutual benefit and win-win results. On May 23, the China-Myanmar New Corridor (Chongqing-Lincang-Myanmar) international railway train successfully launched at the Guoyuan Port National Logistics Hub in Liangjiang New Area, Chongqing, and will arrive in Mandalay, Myanmar 15 days later. The opening and operation of the train will strengthen the economic and trade cooperation and mutual benefit between western China, Myanmar and the Indian Ocean Rim region, especially the interconnection among RCEP member countries.