Trade between China and other RCEP members nears 11 tln yuan in first 11 months

Imports and exports between China and the other 14 members of the Regional Comprehensive Economic Partnership (RCEP) totaled 10.96 trillion yuan (about 1.72 trillion U.S. dollars) in the first 11 months of this year, according to Chinese customs data.

The figure accounts for 31 percent of China's total foreign trade value, the General Administration of Customs (GAC) said on Wednesday.

The country has taken steps to further facilitate trade with the other RCEP members, including familiarizing companies with relevant import and export procedures and advancing the mutual recognition of Authorized Economic Operators (AEOs) with five RCEP members, the GAC said.

The AEO system, initiated by the World Customs Organization, aims to facilitate customs clearance for enterprises through customs agencies' authentication of enterprises with high levels of legal compliance and safety, and a high credit status.

China has already signed mutual AEO agreements with five of the 10 RCEP members that have adopted the AEO system, and is seeking similar agreements with the other five, the GAC said.