After 8 years of negotiations, the Regional Comprehensive Economic Partnership (RCEP) was finally signed on November 15th, 2020, officially launching the world's biggest free trade bloc.

As Kunming has just joined the “circle of friends” of China’s Pilot Free Trade Zone, what does the signing of the RCEP mean to Kunming? 

After more than a year in development, the driving force of the Kunming Area of China (Yunnan) Pilot Free Trade Zone has been fully highlighted. Facing many challenges this year, the total foreign trade value of the Kunming Area reached 20.975 billion yuan from January to October. 19 foreign-funded projects were newly lunched, contributing to the stability of foreign trade and investment in Yunnan Province, striving to move forward firmly towards the positioning of “being the core area of the radiation center facing South Asia and Southeast Asia”.

“The RCEP covers a wide range, the Kunming Area has been working hard to learn about it.” Li Heliu, the director of Kunming Area of China (Yunnan) Pilot Free Trade Zone Management Committee, said. He insisted that the Kunming Area must plan as early as possible, and use the agreement to boost trade and investment flows.

According to Li Heliu, the signing of RCEP has a positive and far-reaching impact on the integration of the Kunming Area with international investment and trade rules. The Kunming Area will take advantage of its geographical location, give full play to its industrial advantages, fully connect to the RCEP agreement, and fully integrate into and serve the national strategy for free trade zone.

In view of how to further expand the openness of the Kunming Area, Li Heliu believed that the Kunming Area can seize the opportunities brought by the RCEP to expand the opening-up. It can also actively join the World Free Zones Organization, develop exchanges and cooperation with global free trade zones, show the image of Kunming in the international arena, tell the story of Kunming and help enterprises to “go global”.

Click here to view Chinese report

(Editors: Christine, Alison)