China’s goods trade with RCEP members in Jan-Nov 2024 hits $1.67 trn

China’s goods trade with RCEP members reached $1.67 trillion in January-November 2024—a rise of 4.4 per cent YoY, China’s commerce ministry has announced.
As the non-ASEAN rotating chair of the RCEP last year, China worked to facilitate new members in joining the pact.
Hong Kong, Sri Lanka and Chile have submitted formal applications to join RCEP, while other economies have shown strong interest.

Between January and November last year, China’s trade in goods with members of the Regional Comprehensive Economic Partnership (RCEP) reached 12 trillion yuan ($1.67 trillion)—an increase of 4.4 per cent year on year (YoY), China’s commerce ministry spokesperson He Yadong announced recently.

The RCEP comprises 15 countries, including 10 countries of the Association of Southeast Asian Nations (ASEAN), as well as China, Japan, South Korea, Australia and New Zealand.

It has deepened trade and investment cooperation among its members since it came into force three years ago, and has effectively consolidated the fundamentals of China’s foreign trade, he was cited as saying by a state-controlled news agency.

The third anniversary of the implementation of the RCEP fell on January 1 this year.

As the non-ASEAN rotating chair of the RCEP last year, China worked to facilitate new members in joining the pact, he said, adding that Hong Kong, Sri Lanka and Chile have submitted formal applications to join RCEP, while other economies have shown strong interest.

An Asian Development Bank study revealed the RCEP is expected to raise the incomes of member economies by 0.6 per cent by 2030, adding $245 billion annually to regional income and 2.8 million jobs to regional employment.