After five consecutive years of double-digit growth, Beibu Gulf Port in south China’s Guangxi Zhuang Autonomous Region has reached a container throughput of 6 million TEU during 2021, representing a year-on-year increase of 18.8%.
The port’s leading source and destination of goods are the Regional Comprehensive Economic Partnership (RCEP) members, according to the Beibu Gulf Port Group.
Amid this volume growth, the RCEP agreement, the world’s largest free trade agreement, entered into force on 1 January 2022.
Hence, after the agreement takes effect, more than 90% of merchandise trade among members that have approved the deal will eventually be subject to zero tariffs.
To seize the opportunities arising from the new agreement, the Chinese port set up 12 new shipping routes and added more than 20 million tonnes of capacity.
