Firms get trained up for new mega FTA

China has launched a nationwide training program for the implementation of the Regional Comprehensive Economic Partnership agreement to help domestic companies boost foreign trade and economic cooperation, the Ministry of Commerce said in an online statement earlier this week.

The first series of RCEP training sessions, hosted by the ministry, were held online from Monday to Wednesday, mainly for companies in eight provinces, autonomous regions and municipalities in China's western region, such as the Guangxi Zhuang autonomous region, Chongqing municipality, as well as Yunnan and Sichuan provinces.

The training was conducted by government officials, heads of industry associations and trade experts.

Content includes the free trade agreement's (FTA) overall introduction, detailed interpretations of market access for goods trade, rules of origin, trade in services and market access commitments of investments, as well as opportunities and challenges faced by relevant industries in China, according to the ministry.

In addition to improving the understanding and application of the trade pact and guiding companies to make better use of newfound preferential policies, Wang Shouwen, vice-minister of commerce, said the training courses will enhance domestic businesses' strength to take part in international competition and cooperation, actively explore the RCEP regional market and participate in the integrated growth of regional industrial and supply chains.

China's expanding consumption and imports will create better conditions for other RCEP member economies to increase exports, said Zhang Yongjun, deputy chief economist at the China Center for International Economic Exchanges in Beijing.

Thanks to favorable terms in areas including tariffs and a complementary trade structure, China's foreign trade with the other 14 RCEP members grew by 6.9 percent on a yearly basis to 2.93 trillion yuan ($460 billion) in the first quarter, said the General Administration of Customs on Wednesday.

China's GAC and Thai Customs signed an action plan for mutual recognition of Authorized Economic Operator (AEO) status in late March, marking the first such plan China has inked with an RCEP member state since the pact entered into force in January. The two sides have pledged to speed up negotiations on AEO mutual recognition.

The AEO program was advocated by the World Customs Organization to strengthen international supply chain security and facilitate movement of goods.

Under its terms, Customs authorities from various regions will establish partnerships with industries to collaboratively cut barriers to Customs procedures and enhance international trade efficiency.

China's GAC to date has signed AEO mutual recognition agreements with 22 economies, such as the European Union and South Africa, covering 48 countries and regions. Among them, five countries, including Singapore, South Korea and Japan, are RCEP signatories.