On January 1，2023，the Regional Comprehensive Economic Partnership Agreement（RCEP）came into effect for the first anniversary. Over the past year，against the backdrop of great power competition，Russia-Ukraine Conflict，and the lack of momentum for world economic recovery，countries have implemented RCEP with high quality，injecting vitality into the growth of regional and global trade and investment. From year 2020 to year 2022，the growth rate of China’s exports to RCEP members is 1 percentage point faster than China’s overall export growth rate，and the growth rate of imports from RCEP members is 4 percentage points slower than China’s overall import growth rate；compared with 2021，most members achieved double-digit growth rate in their trade with RCEP members，and the growth rate of foreign trade of developing members was faster than that of developed members. The entry into force of RCEP has also promoted the growth of foreign direct investment in the region. Data analysis shows that multinational companies have entered the ASEAN market in advance. As China’s economy rebounds，the import effect of China’s large-scale market is expected to be further released. In the future，RCEP can be improved in terms of high-quality implementation of agreement rules，improvement of tariff concession system，and rule upgrades to ensure that RCEP will always promote economic and trade cooperation such as investment and trade.