Shandong sees sustained momentum in RCEP trade

(| Updated : 2023-04-26

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East China's Shandong province has been focusing on boosting exports to other signatory economies of the Regional Comprehensive Economic Partnership (RCEP) agreement, which will help sustain the province's foreign trade growth this year.

In the first quarter of this year, Shandong's imports and exports to other RCEP member states increased by 14.3 percent year-on-year to 290.82 billion yuan ($41.99 billion), accounting for 38 percent of the province's total foreign trade volume.

Over this period, a total of 45,000 RCEP certificates of origin were issued in the province, up 86.7 percent year-on-year and ranking first in China, with the value of export benefits reaching 11.06 billion yuan, up 49.9 percent year-on-year.

Shandong has been ramping up efforts to promote economic and trade exchanges with RCEP countries.

In the first three months of this year, officials from the province's commerce department visited key enterprises, government agencies, and business associations in Japan, South Korea, and Singapore, as well as promoted the substantial progress of 15 key projects invested in by 11 multinational companies in Shandong, which involve $4.22 billion in foreign investment.

The Shandong Provincial Department of Commerce hosted the 25th China Export Commodities (Japan) Osaka Exhibition and Shandong Cultural Trade Exhibition Japan. A total of 153 textile, clothing, daily necessities, as well as cultural and creative enterprises in the province participated in the event, reaching deals worth $35 million in intended turnover.

It also organized 67 enterprises to participate in the 2023 Tokyo International Food and Beverage Show, which generated $26 million in intended turnover.

The province has also launched measures to encourage local enterprises to seize the opportunities arising from the RCEP agreement and explore new room for international cooperation. A number of service centers and training courses are available, offering policy consultation and trade matchmaking for enterprises.

Shandong has also been working to smooth trade logistics to transship its products to other RCEP markets.