General

The RCEP Industrial Cooperation and Development Matchmaking Meeting, hosted by the Wenzhou Municipal People's Government, the China ASEAN Business Council, and the RCEP Industrial Cooperation Committee, was recently held at the Wenzhou Grand Hall. Diplomatic envoys from 8 countries including Myanmar, Thailand, Laos, Cambodia, South Korea, Malaysia, the Philippines, and Australia, as well as heads of international trade and economic promotion agencies, as well as trade promotion associations and related business associations at all levels in Wenzhou City, participated in the event.

It is understood that Wenzhou has seized the opportunity to promote high-level opening-up in recent years. Based on its geographical advantages, it has opened 6 international air cargo routes including Tokyo, Seoul, Manila, and 13 offshore container routes including RCEP countries; Relying on industrial advantages, promoting the transformation and upgrading of traditional advantageous industries and the rapid development of emerging industries such as new energy, new materials, digital economy, life and health, and intelligent equipment; By leveraging the platform's advantages, two overseas economic and trade cooperation zones have been established in RCEP countries, including the China (Wenzhou) Pilot Zone for the Comprehensive Development of Chinese Merchants and Overseas Chinese, the Comprehensive Bonded Zone, and the National Import Trade Promotion and Innovation Demonstration Zone.

In November 2022, Wenzhou City was officially approved as a high-level open cooperation demonstration zone for RCEP in Zhejiang Province. In the same year, the total import and export volume of international trade in Wenzhou was nearly 300 billion yuan, of which the import and export scale to RCEP countries reached 91.4 billion yuan. At present, RCEP related countries have become the largest import and export market in Wenzhou City. In the same year, Wenzhou city established 18 new enterprises in RCEP country, with an investment amount of 810 million US dollars. The number of enterprises and investment amount accounted for 60% and 90% of the newly established overseas investment enterprises in the city that year. The RCEP region has become a hot investment destination for enterprises in Wenzhou City.

At the event, Vice Consul General of the South Korean Consulate General in Shanghai, Han Sangguo, stated that China is South Korea's largest international trading partner, largest export market, and largest source of imports. The trade in goods between the two countries is mainly focused on capital goods and raw materials. After RCEP came into effect, South Korea gradually reduced tariffs on China's trade in goods, realizing zero tariffs for more than 90% of trade in goods, simplifying customs clearance procedures, and reducing unnecessary technical barriers to trade; In terms of e-commerce, implement zero tariff for electronic data transmission; Introduce preferential policies that allow personnel from RCEP member countries to temporarily enter or extend their residence time upon entry.

Liu Zhenqiang, Secretary General of the Chinese Philippine Chamber of Commerce, stated that China and the Philippines have strong complementarity in economy, trade, and industry, and there is huge potential for cooperation. In 2022, the bilateral trade volume between China and the Philippines reached as high as 87.725 billion US dollars, and China remains the Philippines' largest trading partner, largest source of imports, and third largest export destination. RCEP will officially enter into force for the Philippines on June 2 of this year, entering a new phase of comprehensive implementation. In the field of goods trade, the Philippines will add zero tariff treatment to China's automotive parts, some plastic products, textiles and clothing, air conditioning and washing machines, etc. The Philippines also promises to provide more open markets for foreign investors in areas such as sea and air transportation services, commerce, telecommunications, finance, agriculture, and manufacturing.

Xu Ningning, Chairman of the RCEP Industrial Cooperation Committee and Executive Chairman of the China ASEAN Business Council, believes that since the implementation of RCEP, Wenzhou has implemented a series of measures to seize RCEP opportunities and created the "Wenzhou Model". In response to the post pandemic era, Wenzhou City will further leverage its advantages in openness, industry, location, and extensive international trade channels, highlighting key and precise efforts, to assist enterprises in starting from products that are the first to lower tariffs among member countries, areas of high mutual concern, and industries with strong economic and trade complementarity, and to make good use of free trade agreements to enhance international trade cooperation capabilities, Create a new Wenzhou model and model in the construction of RCEP, and demonstrate Wenzhou's achievements and high-quality development in participating in the construction of RCEP.

The economic and trade delegation composed of business counselors from the RCEP Embassy in China visited Wenzhou People's Homeland, Binjiang Business District, China Eye Valley and Huafeng Group, Ruili Group, Ruipu Lanjun Energy Co., Ltd., Maitian Energy Technology Co., Ltd., and other enterprises during their stay in Wenzhou, and held discussions with relevant leaders.