Kunming's import and export volume to RCEP member countries reached 43.48 billion yuan($6.04 billion) in the first three quarters of this year, a year-on-year increase of 68.5 percent, of which the volume of exports was 34.07 billion yuan, an increase of 79.8 percent, and that of imports 9.41 billion yuan, up by 36.5 percent.
The Regional Comprehensive Economic Partnership (RCEP) is the free trade zone with the largest population and largest economic and trade scale in the world. Since the implementation of the RCEP, Kunming's exports of mechanical and electrical products, as well as small commodities, have grown rapidly, and the exports to countries such as Singapore and Malaysia have expanded rapidly, creating more trading partners for Kunming.
Producer services, including advanced equipment manufacturing industries, biomedical industries, and new materials industries, have developed rapidly, and the phosphorus chemical industry, biomedicine and general health industries boast industrial strength.
Kunming will optimize its management system, develop the city, and create a better business environment to better work with the RCEP. It will also speed up the construction of an international trade enterprise cluster, build a RCEP (Kunming) International Expo Center, accelerate the construction of a cross-border e-commerce platform, and carry out the processing of imported goods traded by border residents.
By 2024, Kunming's import and export trade volume is expected to double, exceeding 300 billion yuan, with service trade up by 30 percent annually on average.
