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RCEP Benefits Regional Integration And Global Economy


RCEP Benefits Regional Integration And Global Economy

Experts said on Sunday that the Regional Comprehensive Economic Partnership agreement will accelerate regional economic integration. Inject more growth momentum into the recovery of the world economy, and support multilateralism and free trade.

Experts delivered speeches at the online and offline RCEP media and think tank roundtable forum themed “RCEP Entry into Force. New Prospects for Regional Cooperation and Development”.

The forum jointly sponsored by the Propaganda Department of the Hainan Provincial Committee of the Communist Party of China. Further, China Daily, Hainan China Academy of Reform and Development, and Hainan Free Trade Port Research Institute.

The agreement, which took effect on January 1, covers one-third of the world’s population and gross domestic product. However, it will enhance the resilience of regional industrial and supply chains, create a fairer and more transparent regional business environment. And promote the construction of humankind, experts said. community of destiny.

Zhou Shuchun, publisher and editor-in-chief of China Daily,

said in his speech at the opening ceremony that the organizers hope that the forum can provide an international platform to share experience and insights. Gather wisdom, deepen cooperation and achieve win-win results. Through open practice.

“The formal accession of the agreement means that the free trade zone with the largest population. However, The largest economic and trade scale and the greatest development potential in the world is officially formed.” Zhou said.

“The unified regional market will unleash the huge potential for trade growth in this region. Effectively promote the development of regional economic integration to a higher quality and deeper level, and enhance the influence of the Asia-Pacific on the global economic and trade arena.”

The implementation of the trade agreement not only proves that genuine multilateralism and free trade are historical trends. But also heralds the future of open and win-win mutually beneficial cooperation.

“It is encouraging that the entry into force of the RCEP agreement is widely seen as a major victory for multilateralism and free trade. However, many member states say the trade agreement signals their shared commitment to open and interconnected supply chains and to promote a deeper Build closer ties on the basis of interdependence and advocate the importance of free trade,” Zhou said.

“It is a historical trend to tear down rather than build more barriers. It is in the interest of the people of the world to firmly support the multilateral trading system,” he added.

In November 2020, the RCEP agreement signed by 15 Asia-Pacific countries. Including all 10 ASEAN member states, However, entered into force in 10 member countries including ASEAN 6, China, Japan and New Zealand in early 2020, followed by February 1. implemented in Korea.

However, experts said that the agreement provides for the liberalization and facilitation of trade and investment in goods and services, and the promotion of regional growth and world free trade is comprehensive.

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