26 Feb, 09:52

Hainan's trade volume with RCEP countries exceeds $14 bln in 2024

Zhao Junlun, Deputy Director of Haikou Customs, noted that RCEP member countries have become "Hainan's most important partner"

HAIKOU /China/, February 26. /TASS/. The trade turnover of the southern Chinese province of Hainan with the countries of the Regional Comprehensive Economic Partnership (RCEP) exceeded 102 billion yuan (more than $14 billion at the current exchange rate) in 2024, Hainan Daily reported with reference to official data.

Hainan's trade volume with RCEP partners surpassed 100 billion yuan for the first time. Compared with 2021, when the agreement was launched, the figure has increased by 79%.

Zhao Junlun, Deputy Director of Haikou Customs (the administrative center of the province), said that RCEP member countries have become "Hainan's most important partners". According to statistics, they accounted for more than 37% of its foreign trade volume last year.

The island province's trade turnover with members of the Association of Southeast Asian Nations (ASEAN) in the same period amounted to 57.91 billion yuan (about 8 billion U.S. dollars), an increase of 62.3%. The ASEAN countries have been Hainan's largest partners for the past six years.

The local government is said to be planning to help the province's enterprises enter foreign markets. In 2024, Haikou Customs increased the issuance of certificates of origin for goods from RCEP countries by 39% to 926 documents. This number is expected to continue to grow.

In November 2020, representatives of China and 14 other countries agreed at the ASEAN Summit to establish the RCEP. From June 2, 2023, when the agreement took effect for the Philippines, it started applying to all 15 participating countries, including the Association members, Australia, the People's Republic of China, New Zealand, and the Republic of Korea. The reduction of trade barriers under these agreements is expected to strengthen international trade ties in the region and accelerate global economic recovery.

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