Regional Comprehensive Economic Partnership (RCEP) is the largest economic partnership cooperation framework in the world. In 2020, 15 Asia-Pacific countries formally signed the agreement, which greatly promoted the international trade within the region. This will be conducive to expanding Wenzhou’s international trade market, accelerating the development of new forms of foreign trade, reducing import costs, enriching the imported consumer goods market, and promoting industrial technology upgrading. Meanwhile, it will bring some adverse effects to Wenzhou, such as the suppression in high-end links of manufacturing industry from Japan and the Republic of Korea, and the competition in low-end links from ASEAN.