Guangzhou is going to hold a cooperation roundtable with business representatives from the Regional Comprehensive Economic Partnership (RCEP) countries on December 29th. It is the first time to have such a meeting for the city to discuss development opportunities with RCEP countries. Here are some links of Guangzhou and RCEP.
(Photo / Guangzhou Daily)
About the RCEP
The RCEP was inked on November 15th this year by 15 Asia-Pacific nations, including three of Asia's four largest economies with the exception of India, will create new growth opportunities for various sectors in the region.
It is the largest free trade agreement in the world, which covers a market of 2.2 billion people with a combined GDP of 26.2 trillion U.S. dollars, or 30 percent of global GDP, and accounts for nearly 28 percent of global trade based on data in 2019.
Close relation between Guangzhou and RCEP
As a National Central City an international aviation and shipping hub in South China, Guangzhou has similar distances to RCEP countries. It can reach ASEAN countries, Japan, South Korea within 4-hour by air.
As for shipping, Guangzhou's routes mainly cover East Asia and Southeast Asia, and key partners include Japan, South Korea, Indonesia, Malaysia, Singapore and Vietnam, etc. Now the Guangzhou Port has become an important hub connecting the Greater Bay Area with Asia, the Mediterranean and Africa.
The city also sees an increasing robust trade relationship with RCEP countries. In 2019, the import and export volume between Guangzhou and RCEP countries reached 347.2 billion yuan, accounting for 34.7% of the city's total. Although the pandemic has crippled many economies this year, Guangzhou has retained its overseas market and the ASEAN countries are the largest trading partners.
What's more, 12 of the 16 RCEP members have established consulates in Guangzhou, which promotes close economic and cultural exchanges between the two sides.
Guangzhou is the starting point of the Maritime Silk Road, and most RCEP countries are important node cities of the 21st Century Maritime Silk Road. Hence, the signing of RCEP agreement provides new cooperation potential with China's Belt and Road Initiative.
Currently, Guangzhou is furthering reform and opening-up, making efforts to develop into an international consumption center and participate in more global cooperation under the RCEP agreement.
Taking advantage of various investment facilitation measures under the RCEP, the city will encourage members to set up headquarters especially in the sectors of AI, digital economy, bio-medicine and new energy. And its services industry is hoped to further opening-up with increased opportunities.