Economic Watch: Chinese Companies Ride RCEP Momentum To Boost Exports

HOHHOT, (APP - UrduPoint / Pakistan Point News - 22nd Feb, 2024) Since the implementation of the Regional Comprehensive Economic Partnership (RCEP) on Jan. 1, 2022, more Chinese enterprises have benefitted from continuously enhanced trade and industrial cooperation between China and RCEP member countries.

In the production workshop of sea buckthorn juice in Yuhangren, a high-tech company dedicated to the comprehensive utilization of the plant, workers were busy packaging bottles for being shipped overseas.

"After the implementation of the RCEP agreement, the average tariff rate of sea buckthorn juice in importing countries decreased by 3 percent and is still falling year by year," said Tang Hongguang, a foreign trade worker of the company in Hohhot, capital of north China's Inner Mongolia Autonomous Region.

"Thanks to the preferential tariff policy, our sea buckthorn products are highly competitive. Currently, most of the products are exported to RCEP member countries," added Tang.