RCEP Agreement Enters into Force for All 15 Countries

BEIJING, June 2 (Xinhua) — The Regional Comprehensive Economic Partnership (RCEP) agreement entered into force in the Philippines on Friday, confirming that the RCEP agreement has entered into force for all 15 member countries.

The full implementation of RCEP reflects the determination and actions of 15 Member States (the Association of Southeast Asian Nations, 10 Member States of China, Japan, South Korea, Australia and New Zealand) in support of an open, free, fair and inclusive RCEP. . China’s Ministry of Commerce commented on the rules-based multilateral trading system.

After eight years of negotiations, the RCEP Agreement was signed by 15 Asia-Pacific countries in November 2020. It will enter into force on the first day of 2022, creating the world’s largest trading bloc.

The Ministry of Commerce said that full implementation will inject strong momentum into regional economic integration, comprehensively enhance the level of trade and investment liberalization and facilitation in East Asia, and contribute to the long-term stable development of regional and global economies. Stated.

According to data, the trade value of China and other RCEP member countries in 2022 will increase by 7.5% year-on-year to 12.95 trillion yuan (approximately US$1.82 trillion), while the actual investment in China was 23.1. to US$23.53 billion, an increase of 10%. .

The ministry said China will continue to ensure the steady implementation of RCEP to promote supply chain and industrial chain cooperation and maximize its role in promoting high-level opening-up and quality development.

China also said it will work with other parties to fulfill its obligations, strengthen the RCEP mechanism, enhance the overall implementation of the agreement, and provide strong guarantees for the steady development of RCEP cooperation.