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Xinhua Review: RCEP will take effect soon, and open cooperation has always been the international ma

Date: 2021-12-29
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The Regional Comprehensive Economic Partnership Agreement (RCEP) will come into effect on January 1st, 2022. Faced with the unprecedented changes in the world and the century epidemic, this free trade zone with the largest participation population, the largest membership structure and the greatest development potential will vigorously promote the growth of international trade and investment and promote the global economic recovery.

In recent years, with the undercurrent of anti-globalization and trade protectionism, economic globalization is facing severe challenges. The COVID-19 epidemic has led to weak global economic growth and a severe decline in international trade. RCEP member countries jointly promoted the agreement to take effect as scheduled, and sent a strong signal to oppose unilateralism and trade protectionism, support free trade and safeguard the multilateral trading system.

The upcoming entry into force of RCEP proves once again that seeking common development is the historical trend and mutual benefit and win-win is the aspiration of the people. According to the agreement, it has been approved that more than 90% of goods trade among member countries will achieve zero tariff, and member countries will greatly reduce restrictions on economic and trade cooperation, promote the circulation of commodities and factors, deepen division of labor and cooperation, and improve production efficiency. This is not only the requirement of member countries to comply with the law of economic development, but also the need to adapt to the changes in the international situation.

RCEP is about to take effect, which 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, which will promote the cooperation of industrial chains and optimize the layout of supply chains in the Asia-Pacific region, help the deep integration of industrial chains and supply chains among members, and promote the free flow of economic factors. The formation of RCEP integrated market will further stimulate the cooperation potential of member countries in various fields, alleviate the pressure brought by anti-globalization and epidemic impact, release the mutual benefit and win-win dividend of shared market and common prosperity to the world, and inject new vitality into free trade and multilateralism.

China is the first member of non-ASEAN countries to formally complete the approval process, which shows that China has taken practical actions to promote economic globalization towards a more open, inclusive, inclusive, balanced and win-win direction, and maintained the multilateral trading system and promoted the process of regional economic integration with firm determination. As the largest economy among the member countries, China will provide market space and industrial system support for RCEP to fully release the system dividend, and contribute to the global economic recovery and prosperity in the Asia-Pacific region.


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