Economic Observer: Why are all parties looking forward to the early entry into force of RCEP?

(Focus on China-ASEAN Expo) Economic Observation: Why are all parties looking forward to the early entry into force of RCEP?

　　China News Service, Nanning, September 11 (Reporter Lin Yanhua, Lin Hao) The 18th China-ASEAN Expo (China-ASEAN Expo) and China-ASEAN Business and Investment Summit will be held in Nanning, Guangxi from September 10th to 13th. In the context of the countercurrent of globalization and the raging new crown pneumonia epidemic, "RCEP early effective implementation" and "RCEP opportunity" have become hot words of concern among governments and enterprises in China and ASEAN countries at the China-ASEAN Expo. The effective implementation of RCEP has attracted much attention.

RCEP meets the interests and development demands of all parties

　　Initiated by the 10 ASEAN countries in 2012, after 8 years and 31 rounds of formal negotiations, the 10 ASEAN countries and China, Japan, South Korea, Australia, and New Zealand signed RCEP (Regional Comprehensive Economic Partnership Agreement) in November 2020, aiming to pass reductions Tariff and non-tariff barriers to establish a unified market.

RCEP covers approximately 30% of the world’s population, 30% of the total economic output and 30% of foreign trade. It is currently the world’s largest and most dynamic free trade zone.

　　"As the proponents and sponsors of the RCEP agreement, ASEAN countries have always been actively promoting the implementation of the agreement." Dr. Lu Yimin of Guangxi University of Finance and Economics believes that RCEP has a huge capacity and huge dividends, which is not only conducive to the expansion of trade scale and mutual investment between member countries. , Which will bring more trade creation and help RCEP member countries attract more investment from enterprises outside the region.

　　Zhang Jianping, director of the Regional Economic Research Center of the Academy of the Ministry of Commerce of China, said in an exclusive interview with a reporter from China News Agency that, in fact, in the context of the epidemic and the uncertainty of global economic development, RCEP represents the common interests of various economies.

RCEP plays the role of boosting the economy's "cardiotonic"

　　"The new crown epidemic has brought unprecedented impact to social and economic development. We can only achieve recovery if we work together. This is the spirit of RCEP." ASEAN Secretary-General Lin Yuhui said that RCEP will more closely link regional value chains and increase trade. And transparency in investment supervision plays a vital role in the recovery of the regional economy after the epidemic.

　　For many years, the Asia-Pacific region has been an important engine driving global economic growth.

After the 2008 financial crisis, the world economy has been in a development stage of slow recovery. Especially after being hit by the epidemic, this slow recovery needs a booster.

The effective implementation of RCEP will further improve the quality of economic growth in the Asia-Pacific region, promote the stability of the industrial chain and supply chain, and promote the development of the Asia-Pacific and global economies, and is expected to play a "cardionic" role.

　　In the eyes of Gao Yunlong, vice chairman of the National Committee of the Chinese People’s Political Consultative Conference and chairman of the All-China Federation of Industry and Commerce, the successful signing of RCEP has formed the world’s largest free trade zone, injecting a “boosting agent” into the world economy, resisting “anti-globalization” and unilateralism, and firmly advancing freedom. An important victory for trade and economic globalization.

All parties are happy to see RCEP take effect as soon as possible

　　According to regulations, the RCEP agreement needs to be approved by at least 9 of the 15 member states before it can take effect. According to the ASEAN Secretariat, China, Singapore, and Japan have completed the approval, Thailand and others have also completed the domestic ratification procedures, and other member states are working hard. Complete the approval work as soon as possible.

　　At the opening ceremony of the China-ASEAN Expo, Chinese leaders proposed that facing the future, China is willing to strengthen strategic mutual trust with ASEAN, deepen cooperation in various fields such as anti-epidemic, economic and trade, and promote the early implementation of the regional comprehensive economic partnership agreement, and high-quality joint construction." One Belt One Road".

　　The above-mentioned initiatives have received high praise and positive responses from all walks of life. Lin Yuhui calls on all parties in the region to work together to ensure that the RCEP agreement takes effect as soon as possible, narrow the development gap, and ensure that small, medium and micro enterprises benefit from it.

　　Zhang Jianping expressed optimism that member states will promote the effective implementation of RCEP. He said that under the structure of RCEP, although there may be interference from some other factors and some influences from the actual international environment, RCEP is a highly reciprocal agreement, and all parties will be more reciprocal. Consistently promote the implementation of RCEP.

　　Takashima Ryusuke, Director of the Beijing Representative Office of the China-Japan Trade Promotion Agency, analyzed that after the effective implementation of RCEP, the number of zero-tariff-free industrial products exported from Japan to China will increase significantly, which is expected to drive GDP growth. Japan is working hard to make changes. Many companies use RCEP as early as possible.

　　Lim Mingliang, Permanent Secretary of Singapore's Ministry of Trade and Industry, said that RCEP is a milestone in regional economic integration and economic recovery after the epidemic.

Look forward to in-depth cooperation with other countries in the region.

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