RCEP contributes to Pudong's development

Over the past year, as a district of Shanghai, which is one of the largest trading port cities in the world, Pudong New Area has given full play to the Regional Comprehensive Economic Partnership (RCEP) to boost high-quality development.

In 2022, trade with RCEP members reached 782.94 billion yuan ($114.16 billion), accounting for 31.8 percent of the district's total. Among them, trade with Japan, the Republic of Korea, Australia, Indonesia and Vietnam enjoyed the largest share, with the gross trade volume accounting for 76.4 percent of the total.

Last year, Pudong signed a total of $15.77 billion worth of offshore outsourcing service agreements with RCEP members, up 24.48 percent year-on-year, with the executed amount reaching $13.27 billion, a year-on-year increase of 21.49 percent.

During the same period, technological contracts fulfilled by Pudong from RCEP members boasted a total value of $2.9 billion, and technological contracts, in which RCEP members had to provide technological services for Pudong enterprises, enjoyed a total value of $6.18 billion.

In 2022, Pudong also provided professional instructions for enterprises to make the most of the RCEP agreement, in addition to building a service platform. At the same time, Pudong issued a total of 500 certificates of origin to enterprises that exported goods to Japan.

Furthermore, Pudong encourages local enterprises to invest in RCEP members and continues to release favorable policies to attract investment from RCEP members. In 2022, Pudong boasted a total investment of $577 million from RECP members, as 23 more local enterprises have entered the members' capital markets.