The first anniversary of the effective implementation of RCEP adds new vitality to regional and global prosperity and development
2023-01-09
In January 2023, the Regional Comprehensive Economic Partnership Agreement (RCEP) will celebrate the first anniversary of its entry into force and implementation. Since January 2, RCEP has officially come into force for Indonesia and has been implemented in 14 countries, including China. In the past year, against the backdrop of the repeated delays of the COVID-19, the prominent vulnerability of the world economy, and the severe challenges of economic globalization and free trade, RCEP, a free trade agreement with the largest population, the most diverse membership, the largest economic and trade scale, and the most potential for development, has brought tangible dividends to the regional economy, especially the economic and trade exchanges and cooperation between China and ASEAN countries, Effectively deepen the economic links between Asian economies, further strengthen the resilience of regional industrial chains and supply chains, and add new vitality to regional economic cooperation and global economic development. Looking into the future, the effects of tariff concessions, customs clearance and cross-border logistics brought by RCEP will continue to release dividends, help regional economic and trade cooperation to speed up and upgrade, and inject new momentum into building a unified market within the region and achieving global prosperity and development. To improve the level of regional cooperation, RCEP was signed by the ten ASEAN countries and China, Japan, South Korea, Australia and New Zealand. It is a free trade area with the largest global economic volume and development potential. From January 1, 2022, RCEP will officially enter into force for six ASEAN member countries, including Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam, and four non ASEAN member countries, including China, Japan, New Zealand and Australia. It will enter into force for South Korea on February 1 of the same year, Malaysia on March 18, Myanmar on May 1, and Indonesia on January 2 of this year. At present, 14 of the 15 signatories have entered into force. Analysts pointed out that one year after its implementation, RCEP has greatly boosted confidence in regional economic recovery, boosted the foreign trade growth of member countries, significantly reduced the cost of goods trade in the region, and deeply integrated the value chain of the industrial chain supply chain, which has effectively promoted economic and trade cooperation and regional economic integration among member countries, thus bringing regional cooperation to a higher level. It is worth mentioning that China and Japan, Japan and the ROK have established free trade partnerships through RCEP for the first time, laying a foundation for the three countries to accelerate regional value chain cooperation. In addition, the rapid growth of trade activities under the RCEP framework is one of the important reasons for giving Southeast Asian economies strong growth vitality. The report issued by the Asian Development Bank recently raised the economic growth expectation of Southeast Asia from 5.1% to 5.5%, which to some extent reflects the driving effect of RCEP on the economy of ASEAN countries. The reason is that RCEP has fully integrated the "fragmented" economic and trade institutional arrangements in the region by unifying tariff commitments, rules of origin, trade and investment facilitation and other trade rules, that is, 27 trade arrangements and 44 investment agreements signed and implemented by member countries. Over the past year, the dividends of the RCEP system, such as tariff concessions, cumulative rules of origin, and trade facilitation, have been released, bringing tangible growth and benefits to member countries and their enterprises, promoting new trade and investment opportunities, maintaining the stability of the regional supply chain, and injecting strong momentum into the regional economic recovery
Edit：wangwenting Responsible editor：xiaomai
Source：china.cn
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