China will continue to implement the Regional Comprehensive Economic Partnership (RCEP) to promote shared development and prosperity in the Asia-Pacific region, Foreign Ministry spokeswoman Mao Ning said on Friday. Wednesday marks the third anniversary of the entry into force of the RCEP.
Mao made the comments when asked to spell out the achievements RCEP has made over the past three years.
"The RCEP is the world's largest free trade agreement in terms of population, economic scale and development potential. It has injected strong momentum into Asia-Pacific regional economic integration, created huge market opportunities for its member countries and bolstered international confidence in multilateralism. According to research by the Asian Development Bank, the RCEP is expected to generate 245 billion U.S. dollars in economic growth and create 2.8 million jobs for countries in the region by 2030. As the largest economy in the RCEP, China will continue its high-quality implementation of the RCEP, advancing the quality of free trade in the Asia-Pacific region to achieve shared development and prosperity," said Mao.
China to continue promoting high-quality implementation of RCEP for common prosperity: spokeswoman
China to continue promoting high-quality implementation of RCEP for common prosperity: spokeswoman
Wine companies in Italy are anxious as U.S. President Donald Trump signed an executive order on the so-called "reciprocal tariffs," imposing a 20-percent tariff on the European Union.
Giulia D'Alema, head of a family-owned wine business in Italy's Umbria region, is facing significant uncertainty for the upcoming wine sales season following the announcement of tariffs on EU products, including wine.
Her family's 7.5-hectare vineyard has completed its major annual tasks — trimming, tying, and weeding — to ensure healthy grape growth and a fruitful harvest.
However, despite these preparations, D'Alema is troubled by the looming threat of new tariffs on Italian wines exported to the United States.
The United States is a key market for Italian wines, with exports valued at approximately 2 billion euros in 2024 alone.
Yet, the announcement by U.S. President Donald Trump has put this vital export market at risk.
"If tariffs are imposed, U.S. importers won't be able to import my wine because selling my rose will no longer be profitable for them. I've already increased production specifically for this (U.S.) market, so now I have to find other ways to absorb this surplus," said D'Alema.
In the wine-producing region of Umbria in central Italy, it is the small and medium-sized wineries that are hit the hardest. Large enterprises can mitigate risks by adjusting their market strategies, but small family-owned businesses often rely on a single market. The imposition of tariffs creates a great deal of uncertainty for their operations.
In 2024, Italy's bottled wine exports to the United States reached 1.94 billion euros. According to calculations by the largest agricultural association in Italy, the Italian Confederation of Farmers (CIA), if tariffs prevent Italian wines from being exported to the United States, Italian wineries could face daily losses of 6 million U.S. dollars.
Trump's 20 pct tariffs on EU raise concerns for Italian wine export
