China, ASEAN eye more opportunities brought by RCEP

The RCEP comprises 15 Asia-Pacific countries, including 10 ASEAN member states. The pact is expected to eliminate as much as 90 percent of the tariffs on goods traded among its members over the next two decades.

ASEAN Secretary-General Dato Lim Jock Hoi said the RCEP could help mitigate supply chain risks while building a conducive business environment for the region to become more resilient against future challenges.

Clare Fearnley, New Zealand's ambassador to China, said that as New Zealand recovers from the impact of the COVID-19 pandemic and seizes new opportunities for exports and investment, the RCEP is a significant step forward for recovery and prosperity.

RCEP partners buy over half of New Zealand's total exports and provide more than half of its direct foreign investment, Fearnley said.

"The RCEP delivers a single set of rules covering all 15 markets, making trade simpler and reducing compliance costs for exporters, and fostering regional connectivity," Fearnley said.

Japan's Mitsubishi Corp said that since the RCEP took effect, it would be promising for Chinese and Japanese companies to continue to explore third-party cooperation.

For instance, if it were possible to combine the digital and smart industrial ecology of Chinese companies, Japanese companies' advantage in industrial chain management and the unique local experience of Southeast Asian enterprises, it would create win-win opportunities for the three sides and further promote industrial chain stability in this region, said Nakatsuka Junichiro, East Asia general delegate of Mitsubishi Corp.