Shanghai's foreign trade surged to 65.78 billion yuan ($9.17 billion) under the Regional Comprehensive Economic Partnership Agreement in 2023, up 34.3 percent year on year, statistics from Shanghai Customs showed on Jan 24.

In the two years since the inception of the RCEP agreement on Jan 1, 2022, Shanghai Customs actively facilitated enterprises in maximizing the benefits of RCEP's tax preferential policies.

Shanghai's cumulative foreign trade with RCEP partners over the past two years surpassed the 100 billion yuan threshold, reaching an impressive 114.77 billion yuan. The estimated tariff reduction amounted to 1.95 billion yuan.

Source: chinanews.com.cn