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Original title: Signed! The economic integration of East Asia ushered in an important milestone: RCEP reached the largest free trade agreement in the world!
Vietnamese Prime Minister Nguyen Xuan Phuc attended the signing ceremony at the Hanoi site.Xinhua International Magazine: Signed! East Asian Economic Integration Marked the Beginning of a Major Milestone
Lin Hao, a reporter for the Xinhua News Agency. The Regional Comprehensive Economic Partnership Agreement (RCEP) was officially signed during the East Asia Cooperation Leaders Meeting on November 15. The free trade zone with the largest population, the most diverse membership structure and the greatest potential for development in the world was born. This is an important milestone in the East Asian regional economic integration process and has injected new momentum into the recovery of the regional and global economy.
At present, the international situation is undergoing profound and complex changes. Economic globalization faces a counter-current, unilateralism and protectionism are intensifying, and the new epidemic of corona pneumonia has severely affected countries around the world, including those in East Asia. In this context, 15 member states have held close consultations and signed the RCEP as scheduled. A free trade zone covering more than 3 billion people, representing a third of the world’s total GDP, has been created and the world’s largest free trade zone has emerged. The signing of the agreement is an important step for the countries of the region to adopt concrete actions to safeguard the multilateral trading system and build an open world economy. It has a symbolic meaning to deepen regional economic integration and stabilize the world economy.
At a difficult time when the new corona epidemic is spreading globally, East Asian countries have chosen to open up and cooperate. As Malaysian International Trade and Industry Minister Azmin Ali said, the signing of the RCEP means that ASEAN and its dialogue partners say “yes” to free trade and “no” to protectionism.
Thanks to the joint efforts of all parties, the overall epidemic prevention and control situation in East Asia has stabilized and improved. Countries are resuming work and production in an orderly manner in a context of standardization of epidemic prevention and control, and economic and social development has recovered steadily. In East Asia, struggling to get out of the key node from the impact of the new corona epidemic, the RCEP firm has injected new momentum into the regional economic recovery. RCEP will further promote trade and investment exchanges in East Asia, strengthen regional industrial chain supply chain cooperation, and achieve complementary advantages and mutual benefits for countries in the region.
As the main engine of economic growth in East Asia, China is the first to control the epidemic and achieve economic recovery, helping countries in the region to protect themselves against the impact of the epidemic. In the first three quarters of this year, China-ASEAN economic, trade and investment cooperation increased against trend and continued to contribute to the East Asian economic recovery.
China implements the new development concept, promotes high-quality development, accelerates the construction of a new development pattern, and promotes high-level openness while adhering to growing domestic demand. The third CIIE, held not long ago as planned, once again demonstrated the enormous potential of the Chinese market and demonstrated China’s support for trade liberalization and the role of a major country actively opening its market to the world.
China has been actively participating in the RCEP negotiations and has played an indispensable role. China, as always, will support ASEAN to play a leadership role and cooperate with all parties to implement RCEP, so that the results benefit regional companies and individuals sooner. With the signing of the RCEP, ASEAN generally hopes to continue to share the dividends of China’s development and openness. The countries of the region also hope to strengthen cooperation in joint “Belt and Road” construction, promote regional connectivity and unleash the potential of the East Asian market after the integration of RCEP.
The RCEP unites the consensus of the will of the countries of the region and shows that the regional economic integration of East Asia is what the people want. The signing of the agreement is the result of eight years of tough consultations between the parties and a new starting point for deepening East Asian regional economic cooperation. All parties should seize the trend, follow the general trend of open cooperation, promote economic recovery after the epidemic through mutual cooperation, benefit the countries and peoples of the region, make positive contributions to building an economy. global open world and continually move towards the goal of building an East Asian community.
People’s Daily Online: 15 countries signed the RCEP, the world’s largest free trade agreement reached!
The Fourth Regional Meeting of Leaders of the Comprehensive Economic Partnership Agreement was held on November 15. The ten ASEAN countries and 15 countries, including China, Japan, South Korea, Australia and New Zealand formally signed the Regional Comprehensive Economic Partnership (RCEP) Agreement, marking the largest free trade agreement officially reached. The signing of the RCEP is an important step for the countries of the region to take concrete actions to safeguard the multilateral trading system and build an open world economy. It has a symbolic meaning to deepen regional economic integration and stabilize the global economy.
According to the Vietnam News Agency, the reason why RCEP is considered the world’s largest free trade agreement is that it covers 2.2 billion people, which represents about 30% of the world’s total population. The 15 member states have a GDP of 25.6 trillion US dollars in 2019, which represents 29.3% of the world economic volume, the intra-regional trade volume of 10.4 trillion US dollars, accounting for 27 , 4% of the volume of world trade.
The RCEP was initiated by the ten ASEAN countries in 2012 and is a regional free trade agreement focused on developing economies. The 15 member states span the two continents of the northern and southern hemispheres, including developed economies like Japan and Australia, and underdeveloped countries like Cambodia and Laos. There are differences in policies between countries in areas such as investment, competition and intellectual property. Vietnam’s Industry and Trade Minister Chen Junying candidly said that “the RCEP negotiations are one of the most complex trade negotiations.”
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