First RCEP Freight Train Departs For Hanoi From China

The first international freight train of China leaves for Hanoi after the Regional Comprehensive Economic Partnership (RCEP) officially comes into force.(Photo: Chinanews)

A Chinese freight train departed Nanning International Railway Station in Guangxi Zhuang Autonomous Region (China) on the early morning of January 1 for Hanoi, according to VOV.

This marks the first international freight train leaving China and heading to member countries of the Regional Comprehensive Economic Partnership (RCEP) after the agreement officially came into force.

The X9101 train carrying more than 800 tonnes of cargo left the Nanning international railway port on New Year's Day for Hanoi. The cargo included electronics, daily necessities, and chemical products worth 10 million USD

Upon addressing the departure ceremony, the director of the Guangxi Department of Commerce affirmed that as part of the gateway to China opening and co-operating with ASEAN member states, the enforcement of the RCEP has brought important new opportunities for the stronger development of Guangxi. As a result, co-operation between Guangxi and RCEP member countries will be further consolidated, with the scale of trade and co-operation being continuously enhanced moving forward, he added.

Prime Minister Nguyen Xuan Phuc (L) and Minister of Industry and Trade Tran Tuan Anh at the RCEP signing ceremony in Hanoi on November 15, 2020. Photo: VnExpress

RCEP is an FTA with the largest market size in the world as its accounts for about 30% of the world's population (2.2 billion people) and 30% of global GDP ($26.2 trillion) as of 2020. In addition, it is also an FTA with the most diverse development levels of members, with the participation of the world's leading economies (China, Japan) and underdeveloped countries (Laos, Cambodia, Myanmar).

The RCEP groups the 10 members of the Association of Southeast Asian Nations, as well as China, Japan, the Republic of Korea, Australia, and New Zealand. The 15 states' population (2.7 billion people) account for about 30% of the world total and has a combined gross domestic product of around 26.2 trillion USD.

The agreement came into effect on January 1 and is expected to offer a new lease of life to promote regional economic recovery following the Covid-19 pandemic, whilst simultaneously being a catalyst that contributes to boosting global economic growth.

More than economic gains, RCEP has provided Vietnam and the ASEAN with a strategic opportunity to participate in the process of shaping regional trade structure, according to Hanoitimes. From this deal, Southeast Asia could become an ideal place to try new ideas or indirect routes in the search for new opportunities towards global economic integration, said Head of the General Research Department under the Central Institute for Economic Management (CIEM) Nguyen Anh Duong last November.

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