RCEP will take effect in January next year. How can Hong Kong seize the opportunity of market opening?

The ASEAN Secretariat issued a notice earlier, announcing that six ASEAN member states including Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam and four non-ASEAN member states including China, Japan, New Zealand and Australia have formally submitted to the ASEAN Secretary-General for approval To reach the entry into force of the Regional Comprehensive Economic Partnership Agreement (RCEP).

According to the agreement, RCEP will be effective for the above-mentioned 10 countries from January 1 next year.

ASEAN is China's largest trading partner.

In the first ten months of this year, the total value of China-ASEAN trade increased by 20.4%, accounting for 14.4% of China's total foreign trade value.

The picture shows Dongdu Port in Xiamen City, Fujian Province.

(China News Service)

RCEP abolishes trade tariffs between member states, including auto parts and agricultural products, and more than 90% of the products will implement a zero-tariff policy. It also includes relevant rules for the protection of intellectual property rights and e-commerce.

After the RCEP is fully implemented, it will drive nearly one-third of the world's economic volume to form a unified super-large-scale market, promote the economy of the Asia-Pacific region, and also facilitate the internationalization of the renminbi.

According to the 2021 RMB Internationalization Report of the People's Bank of China, the total amount of RMB cross-border receipts and payments between China and ASEAN was 4.15 trillion yuan, an increase of 72.2% year-on-year, accounting for 14.6% of the total RMB cross-border receipts and payments during the period, compared with 2019 An annual increase of 2.4 percentage points.

With the RCEP coming into effect, the use and status of RMB in regional trade is believed to be further improved.

As the premier offshore RMB hub, what opportunities does the entry into force of RCEP bring to Hong Kong?

How should Hong Kong take advantage of the dividends brought by RCEP?

For detailed analysis, please read the 291st "Hong Kong 01" Electronic Weekly Report (November 15, 2021) "The

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