The "Global Free Trade Port Development: Institutional Opening-up and Free Trade" subforum of the Boao Forum for Asia Annual Conference 2023 was held in China’s southernmost province of Hainan on March 29.

In the spirit of the subforum, the Provincial Department of Commerce published 16 Measures to Promote Deepening Cooperation Between Hainan and RCEP Member Countries (2023) on the 30th.

The Measures — covering three key aspects: cooperation mechanism, service platforms, and industrial development — are designed to capitalize on the cumulative effects of the RCEP agreement and Hainan Free Trade Port (FTP) policy to deepen cooperation between Hainan and RCEP member countries.

The Hainan-themed "Global Free Trade Port Development: Institutional Opening-up and Free Trade" subforum of the Boao Forum for Asia Annual Conference 2023 was held on March 29. (Photo: Song Guoqiang)

According to the Measures, the free trade island will strengthen connections with RCEP member countries in economy and trade, promote in-depth cooperation and exchanges between industries — especially in the fields of intellectual property rights and tropical agriculture, and foster cooperation in academic and societal exchanges and capacity building.

Additionally, to facilitate cooperation with RCEP member countries, the island province will proactively organize high-level governmental and business forums and conferences and establish a "one-stop" service platform where enterprises can access services such as interpretations of the RCEP agreement, tariff calculations, and certificate of origin issuance. A public service platform will be created to help Hainan’s game design industry "go abroad” and attract game design SMEs and start-ups from RCEP countries to Hainan.

To deepen industrial cooperation, Hainan will strengthen cooperation with RCEP countries in fields such as advanced manufacturing, premium consumer goods, medical care and pharmaceuticals, and agricultural goods processing by capitalizing on the FTP’s leading industry positioning and key parks & areas.

Aerial view of Haikou Container Port (Photo: Zhang Mao / Hainan Daily)

The implementation of the RCEP combined with Hainan FTP policies has unleashed a wave of dividends. Statistics show that trade in goods between Hainan and RCEP member countries reached RMB 71.18 billion (USD 10.36 billion) in 2022, a year-on-year increase of 23.7%. In addition, 196 enterprises were established in Hainan by nationals of RCEP member countries.