On December 29th, an "RCEP and Guangzhou Development Roundtable" was held in Guangzhou. It is China's first seminar on RCEP - urban development after the signing of RCEP agreement. About 200 guests including government officials, representatives of commercial organizations, consuls from RCEP countries in Guangzhou attended the event.

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The regional pact was signed between China and its 14 partners on November 15th, including three of Asia's four largest economies with the exception of India, will create new growth opportunities for various sectors in the region.

According to Hu Hong, vice mayor of Guangzhou, the signing of RCEP will help Guangzhou to build a new development pattern and provide cooperation opportunities for Guangzhou and RCEP countries in trade, investment and market access.

The official data shows that, in 2019, the import and export volume between Guangzhou and 14 RCEP countries reached 347.2 billion yuan, accounting for 34.7% of the city's total. And as of the first three quarters of 2020, the total volume of foreign trade between the two sides reached 252.8 billion yuan, accounting for 35.9% of the city's total.

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"Government, enterprises should seize opportunities and learn of the advantages and relationships of RCEP member countries as soon as possible. Then find new growth access for enterprises through the developmental trend of industrial and supply chains," said Xu Ningning, executive president of the China-ASEAN Business Council in the keynote speech.

According to Lv Kejian, former director of the Asian Department of the Ministry of Commerce, as one of the core cities in the Greater Bay Area, it is hoped Guangzhou will act as a bridge to connect the GBA with the RCEP region in commodities, services, digitization and green trade.

The roundtable also invited global experts and professionals to discuss how to enhance cooperation under the signing of RCEP. It puts forward higher requirements for Guangzhou's business environment and compliance evaluation. Guangzhou should promote the acceptance of rules and opening of other institutions as well as define laws and regulations about trade and investment, said Mao Yanhua, a professor from Sun Yatsen University.

"Growing in the city cluster of the Greater Bay Area, Guangzhou has a sound manufacturing, financial and service industry foundation, as well as a mature market. (Malaysia) as a RCEP member, we must seize the opportunity to invest in Guangzhou and to obtain more business opportunities in the future," said Guo Tingyuan, president of the Greater Bay Area Division of Malaysian Chamber of Commerce in China.

Author: Will, Alice

Editor: Jerry