Xinhua News Agency, Beijing, Dec. 28
The Regional Comprehensive Economic Partnership Agreement (RCEP) will come into effect on January 1, 2022. In the face of major changes in the world unseen in a century and the epidemic of the century, this free trade zone with the largest participating population, the most diverse member structure, and the greatest potential for development will strongly stimulate the growth of international trade and investment and promote the recovery of the global economy.
In recent years, undercurrents of anti-globalization and trade protectionism have been surging, and economic globalization has faced severe challenges. The new crown pneumonia epidemic has led to weak global economic growth and severe decline in international trade. The member states of RCEP jointly promoted the agreement to enter into force as scheduled, and sent strong signals to oppose unilateralism and trade protectionism, support free trade and safeguard the multilateral trading system.
RCEP’s coming into effect once again proves that seeking common development is the trend of history, and mutual benefit and win-win is what people want. According to the agreement, more than 90% of the goods trade between approved member states will achieve zero tariffs. Each member state will drastically reduce restrictions on economic and trade cooperation, promote the circulation of goods and elements, deepen division of labor and cooperation, and improve production efficiency. This is not only a requirement for member states to comply with the laws of economic development, but also a requirement for adapting to changes in the international situation.
RCEP is about to take effect and will further boost the confidence and determination of the international community to work together to achieve economic recovery. RCEP covers a wide range of areas such as tariff reduction, trade facilitation, and service investment opening. It will promote the Asia-Pacific region to strengthen industrial chain collaboration and optimize supply chain layout, help deep integration of industrial chain supply chains among members, and promote the free flow of economic factors. The formation of the RCEP integrated market will further stimulate the cooperation potential of member states in various fields, relieve the pressure brought by the impact of anti-globalization and the epidemic, and release the mutually beneficial and win-win dividends of shared market and common prosperity to the world, which will contribute to free trade and multilateralism. Inject new vitality.
China is the first member of the non-ASEAN countries to formally complete the approval process, demonstrating that China has taken concrete actions to promote economic globalization toward a more open, inclusive, inclusive, balanced, and win-win direction, and with firm determination to maintain multilateral trade System and promote the process of regional economic integration. As the largest economy among the member states, China will provide market space and industrial system support for RCEP to fully release its institutional dividends, and contribute to the promotion of global economic recovery and the prosperity of the Asia-Pacific region.