Chongqing- 2021 marks the first year of the 14th Five-Year Plan period. China has taken the initiative to strengthen international cooperation in the fight against the COVID-19, where it actively participated in economic globalization and nurtured many new growth opportunities.

During the COVID-19 outbreak, Chongqing launched more trains for New International Land-Sea Trade Corridor (ILSTC). At present, the trade volume between major western regions and ASEAN is growing at a rate far higher than China’s average foreign trade growth level. Among these western regions, Chongqing performed the best.

To promote international cooperation via trade innovation development, Chongqing is also striving to expand overseas markets through reliance on the Regional Comprehensive Economic Partnership (RCEP) agreement to seize international opportunities.

Chongqing is also striving to expand overseas markets through reliance on the RCEP agreement to seize international opportunities. (iChongqing/ Zhou Lingyu)

On November 15, 2020, the RCEP, which is known as the world’s most potential regional free trade agreement had formally signed among 15 countries, including ten ASEAN countries as well as China, Japan, South Korea, Australia, and New Zealand.

Chongqing performed the best in the trade volume of cooperation with ASEAN countries. (iChongqing file photo)

Yang Xuchao, Minister of Trade Promotion Department of China Council for the Promotion of International Trade Chongqing Committee, believes that the signing of RCEP not only helps eliminate tariff and non-tariff barriers but boosts Chongqing’s foreign trade and bring a huge opportunity since all the members of RCEP are its important partners in foreign trade.

Additionally, the signing of the RCEP will be significant for Chongqing to introduce more overseas-funded enterprises and projects. Especially with its thorough implementation, the RCEP will make it easier for Chongqing to attract investments from Japan, South Korea, Singapore, and other countries due to the city’s close contact with these countries.