In order to enhance the trade ties between China and other member markets in the Regional Comprehensive Economic Partnership agreement, SPG (Shandong Port Group), based in East China has launched multiple routes linking Shandong Province’s Quingdao Port and other RCEP. Around five shipping routes have been launched out of which two are oceangoing lanes and one is a rail-sea intermodal freight line.
As per the SPG port, these five shipping routes will help meet transport demand between China and other RCEP economies including Thailand, Malaysia, and Vietnam. It also supports low-cost and effective maritime solutions to manage fresh produce and cold-chain food imports from Southeast Asian countries.
SPG stated that the new routes are set to help export fast-moving consumer goods, chemicals, and mechanical and electrical products to North and South American markets and will reinstate the links between China and Eastern Pacific ports.
The General Manager for Shandong Businesses, Zhonggu Shipping Group Co Ltd states that Qingdao Port is a key port serving traders in inland cities, particularly on the Yellow River. The new routes will easily link the port to other RECP countries and boost trade between China and these markets. This will also open new venues to drive China’s economic growth.
Also, it has been observed that the three routes connecting the Port of Laem Chabang in Thailand extend shipping channels for commodities and boost the trade between China and Thailand as well as Singapore, Vietnam, and South Korea.
Cui Fan, a professor at the University of International Business and Economics, says that China’s collaboration with RCEP will benefit China and the world and help recover the global economy.