Chinanews.com, Beijing, November 5 (Liu Wenwen) "Regional Comprehensive Economic Partnership Agreement" (RCEP) will come into effect in early January 2022.
Recently, the reporter interviewed Xu Ningning, the executive chairman of the China-ASEAN Business Council and chairman of the RCEP Industrial Cooperation Committee, on issues related to the upcoming implementation of RCEP.
Xu Ningning mentioned that countries have different procedures for approving free trade agreements.
The Chairman’s Statement of the 38th and 39th ASEAN Summits issued on October 26 mentioned: “We are committed to speeding up the ratification process of the RCEP agreement and look forward to the agreement’s entry into force in early January 2022.” The “No. The 22nd ASEAN-Korea Summit stated in the Chairman’s Statement: “We reiterate our commitment to speed up domestic procedures so that the RCEP agreement will enter into force at the beginning of January 2022 as targeted.” Based on this, it is believed that all signatories to the RCEP agreement will be by the end of this year. Complete its domestic approval procedures.
Xu Ningning pointed out that the cooperation results of RCEP from taking effect to producing tangible regional economic growth still require all parties to implement the agreement in the future, and actively connect in the mutual open market, and seek to accelerate the new development of trade and investment.
When the reporter asked about the major impacts of the effective implementation of RCEP, Xu Ningning analyzed:
The first is to promote the economic integration of the Asia-Pacific region into a new stage of development, open up markets to develop regional development potential, promote regional economic recovery and growth, and jointly cope with the instability of the world economy.
The implementation of RCEP can not only speed up economic and trade cooperation between countries in the region, but also help attract foreign companies to invest in RCEP countries.
Second, the implementation of RCEP reflects that the signatories of the agreement jointly promote free trade and multilateral cooperation, and contribute to these two major trends in the global economy. East Asian economies will continue to play a leading role in global economic growth.
Third, within the RCEP framework, an institutional arrangement for the establishment of free trade relations between China, Japan and South Korea has been opened. This is a major breakthrough and has created favorable conditions for enterprise cooperation between China, Japan and South Korea.
RCEP has built a platform for the greater development of economic and trade cooperation between China, Japan and South Korea in the major economies of the region.
Fourth, the integrated development of RCEP countries will benefit regional stability and the improvement and development of mutual relations.
Xu Ningning has witnessed the construction of RCEP in the past 9 years, and he put forward several suggestions on the preparation work before the entry into force of RCEP:
First, all parties concerned should earnestly master and study the RCEP rules so that they can be used well.
Second, local governments should organically combine seizing the new opportunities brought by RCEP with the implementation of the "dual cycle" economic development, and formulate work plans or guidelines for the opening of RCEP regions based on the focus of the province's and municipalities' open development.
Third, national industry associations should actively connect with relevant industry associations in RCEP countries to jointly promote the creation of a new industry chain with complementary advantages.
Fourth, companies should understand the timetable for the opening of the RCEP market, and formulate business strategies and strategies for developing regional markets.
Xu Ningning emphasized that, in the process of opening up, it is particularly necessary for local relevant departments, business associations, and enterprises in my country to further improve their international cooperation levels.
(Zhongxin Finance Studio)