A sea logistics channel between Qingdao in east China's Shandong Province and Osaka in Japan commenced operation on Saturday after the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect on January 1, 2022, for 10 members including the two countries.
Apart from facilitating the institutional environment for the growth of the digital economy, the rules in this field will help build a solid foundation for RCEP countries to expand their trade volume via digital trade in the coming years.
Almost four months after the Regional Comprehensive Economic Partnership came into action, China-stationed foreign diplomats said the forms of intraregional trade will be further diversified and facilitated, enriching the Asia-Pacific region's economic vitality through inclusive and sustainable economic recovery amid the pandemic.
Trade between China and members of the Regional Comprehensive Economic Partnership (RCEP) saw steady growth since the trade agreement took effect at the beginning of this year, official data showed Wednesday.
Regarding trade in goods, the new protocol will see both countries open their markets for certain wood and paper products and optimize trade practices such as rules of origin, technical barriers to trade and Customs facilitation.