RCEP the World’s Largest Free-Trade Pact Signed

November 15th, 2020, fifteen Asia-Pacific countries formally signed the Regional Comprehensive Economic Partnership agreement, the world’s largest free-trade deal encompassing nearly a third of all economic activity.
The RCEP agreement involves all ten members of the countries of the Association of Southeast Asian Nations and also five of its major trading partners－China, South Korea, Japan, Australia, and New Zealand. The RCEP represents the largest participating population in the world, the most diverse membership, and the most significant development potential. The Regional Comprehensive Economic Partnership agreement will inject new energy into regional development and widespread prosperity and contribute to the recovery and growth of the world economy.

RCEP will soon replace the other bilateral or multilateral trading agreements

Regarding the content of RCEP, it removes the tariff on 90% of the excellent trading between participating countries, unifies the country of origin certificate rules, facilitates the entrance of service trading and cross-border investments, and introduces new convenient rules for e-commerce. The agreement also includes detailed rules on intellectual property and competition policies while being highly open and friendly to economies of all kinds. RCEP will soon replace the other bilateral or multilateral trading agreements among all 15 members

As well as other participating countries, China speaks highly of the RCEP as a landmark achievement of East Asian regional cooperation and a victory of multilateralism and free trade. The population and economic and trade volume of the RCEP 15 member economies account for over 30% of the world’s total, indicating that about one-third of the world’s economies now form an integrated market.
The leaders of the participating countries, including China, witnessed the signing of the agreement and said the RCEP would remain open to India, one of the early involvement countries in this agreement. In the meantime, the pact will also provide a clear path and a strong driving force for developing the Free Trade Area of the Asia-Pacific.
After eight years of negotiations, the RCEP agreement’s signing has brought people hope amid the current grim international situation; many still recovering from Covit -19 will show that multilateralism and free trade remain the correct direction for the world economy and human progress. Marco Pearman-Parish, the Managing Director of Yingke Matrix, said in a statement to China Daily that: “The RCEP is expected to boost regional trade and investment significantly; it will reinforce industrial and supply chains and enhance the ability of all parties to fight together against the pandemic, promote the economic recovery of the region and all countries, and promote the region’s long-term prosperity and growth.Shanghai Free Trade zone will be at the center of this development”