A view of the automatic production line of SMC (China) Co Ltd, a wholly owned subsidiary of Japanese pneumatic component manufacturer SMC Corp, in Tianjin on March 1. [PHOTO/XINHUA]
TIANJIN: At a hotel restaurant in North China’s Tianjin municipality, the buffet tables are a feast for the eyes, covered with beef from Australia, lobsters from Vietnam, mussels from New Zealand, soft-shell crabs from Myanmar and rice from Thailand.
Guests from around the world enjoy dishes with ingredients imported from Regional Comprehensive Economic Partnership (RCEP) members.
The RCEP is comprised of 15 members – the 10 Asean member states, China, Japan, Korea Korea, Australia and New Zealand.
The RCEP was signed in November 2020 and went into effect on Jan 1, 2022, with the aim of gradually eliminating tariffs on over 90% of goods traded among its members.
The RCEP came into effect in the Philippines on June 2, marking a milestone with the world’s largest free trade pact being fully active for all 15 member countries.
“Our hotel’s restaurants benefit a lot from the RCEP agreement coming into force,” said Anthony Gill, general manager of the Four Seasons Hotel Tianjin, adding that it is more convenient to purchase ingredients from RCEP members due to a record high number of supplier options.
With the easing of travel policies and the recovery of the tourism industry, the hotel’s business has shown impressive growth recently. Hotel room bookings in June surged more than 150% year-on-year.
Business travellers from RCEP member countries like Japan, South Korea and Singapore have become frequent guests.
“Many business people from those countries come to Tianjin for opportunities, which in turn, directly supports our hotel’s business,” Gill said.
Executives of foreign companies in China have also seen great opportunities since the RCEP took full effect.
Shin Eun-shik, from South Korea, has been engaged in the production and sales of water treatment equipment and related accessories in Tianjin since 2002.
“Due to the RCEP agreement in effect for all members, and other factors, our sales revenue is expected to exceed 50 million yuan (RM32mil) this year, more than double that of last year,” said Shin, president of ITM (Tianjin) Mechanic Equipment Co Ltd.
Shin’s firm exports its products to China, Australia and Indonesia. — Xinhua
