Hong Kong (VNA) – Since it entered into force inearly 2022, the Regional ComprehensiveEconomic Partnership (RCEP) has helped stronglypromote integration of value and supply chains, strengthen confidence in regionaleconomic recovery and create new impetus for trade and investment growth in theregion and the world, according to an article on the Zhongguopinglun (China review) website of Hong Kong (China). 

The article quoted Oramon Subthawitham, Director-General of the Department of International Trade Negotiations of theThai Ministry of Commerce, as saying that the total import-export value between Thailand and RCEP membercountries accounts for more than 50% of Thailand's foreign trade.

The effectiveimplementation of RCEP has great effects in promoting trade between Thailand andother RCEP member countries, Subthawitham said.

According to data released by the Cambodian Ministry of Commerce, in the firsthalf of 2022, the country's exports to RCEP member countries increased bynearly 10% year-on-year.

Cambodian Ministry ofCommerce's Undersecretary of State and Spokesman Bin Soviji emphasised that RCEP and the Cambodia-China FreeTrade Agreement are important factors in boosting Cambodia's export growth.

Thanks to RCEP,Cambodia exports more products to other RCEP member countries and has expandedits export markets.

For Vietnam, Vietnam'sseafood exports also surged thanks to RCEP. Vietnam has exported seafood tomore than 160 markets around the world, of which exports to RCEP membercountries account for over 63%. In the first 10months of 2022, Vietnam's seafood exports increased by 34% over the same periodin 2021.

According tostatistics from the GeneralAdministration of Customs China (GACC), the total import andexport turnover between China and RCEP partners in 2022 reached over 12.95 trillion CNY (1.9 trillion USD), up 7.5% year-on-year, accounting for 30.8% of China's totalforeign trade turnover.

Secretary-General at the United Nations Conference on Trade and Development (UNCTAD) RebeccaGreenspan said in the context of declining global openness, rising trade costsand bottlenecks of supply chains, RCEP has significantly contributed to theglobal economy.

The RCEP comprises 10 members of theAssociation of Southeast Asian Nations (ASEAN), namely Brunei, Cambodia,Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand andVietnam, together with their five trading partners, namely China, Japan, theRepublic of Korea, Australia, and New Zealand. It is the world's largest free tradeagreement, and has entered into force in 14 member countries./.