China News Service, March 27th: The State Council Information Office held a press conference on the 4th China International Consumer Goods Expo on the 27th. Vice Minister of Commerce Sheng Qiuping revealed at the meeting that the fourth Consumer Expo will have 318 brands from 11 RCEP member countries participating in the exhibition, with a booth area of over 3,000 square meters.
At the meeting, a reporter asked: This year marks the second anniversary of the entry into force of the Regional Comprehensive Economic Partnership Agreement. Can you introduce the economic and trade cooperation between Hainan and RCEP member states, and how to focus on releasing the free trade port policy and the RCEP Agreement in the next step? The additive effect?
In this regard, Sheng Qiuping said that the Regional Comprehensive Economic Partnership Agreement, or RCEP, will take effect in early 2022. The total regional population, total GDP value, and goods trade volume of the fifteen signatories all account for about 30% of the global share. It is the free trade zone with the largest population, largest economic and trade scale, and the greatest development potential.
Hainan Free Trade Port is located in the center of the RCEP region and has unique advantages in trade with other RCEP member states. Since RCEP came into effect more than two years ago, the Ministry of Commerce has guided Hainan to formulate and release specific measures to deepen cooperation with RCEP member states, and supports Hainan in actively leveraging the superimposed effects of RCEP and free trade port policies. Hainan's cooperation with other member states has continued to deepen and interconnection The level continues to improve, and trade and investment have made positive progress.
First, imports and exports to member countries maintain growth. In 2023, Hainan's imports and exports to other RCEP member states were 80.09 billion yuan, an increase of 37.9% compared with 2021 before the RCEP agreement came into effect, 33 percentage points higher than the national level, driving the province's foreign trade growth by 4.5 percentage points during the same period; service import and export volume was 17.295 billion yuan, a year-on-year increase of 119.8%, accounting for 37.8% of the province's total service import and export, mainly concentrated in travel, transportation, commerce, insurance services, etc.
Second, the pace of importing and exporting has accelerated. In 2023, the actual utilized foreign investment from RCEP member countries was 730 million yuan, of which the actual utilized foreign investment from Singapore and Japan increased by 9.6% and 12.9% respectively year-on-year. At the same time, RCEP member countries have become the main destinations for overseas investment by Hainan enterprises. In 2023, Hainan's actual investment in RCEP member countries was US$2.129 billion, a year-on-year increase of 117%, accounting for 54.8% of the province's total foreign investment.
Third, enterprises can fully enjoy the policy dividends. The Ministry of Commerce guides Hainan to strengthen publicity, training and public services for enterprises to use the free trade agreement, to help enterprises use the agreement's tariff reduction policies, directly enjoy the dividends, and truly know, use and enjoy the benefits. In 2023, Hainan enterprises received a total of 4.141 million yuan in tariff concessions under RCEP. As tax reduction commitments by RCEP member states are implemented year by year, business trade costs will be further reduced.
Fourth, member states actively participated in the Consumer Expo. At the fourth Consumer Expo, 318 brands from 11 RCEP member countries will participate in the exhibition, with a booth area of over 3,000 square meters. Many exhibitors have used the Consumer Expo to test the market potential of Hainan and explore the possibility of expanding business in China. The Consumer Expo has become an important platform and powerful testimony for RCEP member countries to share opportunities in China's opening up and carry out international economic and trade cooperation.
Sheng Qiuping emphasized that in the next step, the Ministry of Commerce will continue to guide Hainan to benchmark international high-standard economic and trade rules, steadily expand institutional opening up, create important platforms such as consumer expos, and deepen the development of advanced manufacturing, consumer products, medical medicine, agricultural product processing and other fields. Cooperate to achieve more mutual benefits with other RCEP member countries and promote the high-quality development of Hainan Free Trade Port.