Fifteen Asia-Pacific countries on Sunday signed the Regional Comprehensive Economic Partnership agreement, the world’s largest free-trade deal, which was hailed by Premier Li Keqiang as “a victory of multilateralism and free trade”.
The agreement involves all 10 member countries of the Association of Southeast Asian Nations and five of its major trading partners－China, Japan, South Korea, Australia and New Zealand.
The RCEP allows people to choose solidarity and cooperation when facing challenges, instead of resorting to conflict and confrontation, and also allows them to choose mutual assistance and support, rather than adopt a “beggar-thy-neighbor” approach or a “wait-and-see” attitude, he said, adding that it shows the world that opening-up and cooperation are the only way to achieve mutually beneficial outcomes.
The leaders of the participating countries witnessed the signing of the agreement and said the RCEP will remain open to India and that they welcome India’s early involvement.
The total population and economic and trade volume of the 15 member economies account for about 30 percent of the world’s total, indicating that about one-third of the world’s economies now form an integrated market, said Wang Shouwen, vice-minister of commerce.
This will significantly boost regional trade and investment, reinforce industrial and supply chains, and enhance the ability of all parties to fight against the pandemic, as well as promote the economic recovery of all countries, and promote the region’s long-term prosperity and growth, he said.
In the meantime, the pact will also provide a path and a strong impetus for the development of the Free Trade Area of the Asia-Pacific, or FTAAP, said Wang, who also is China’s deputy international trade representative.
South Africa Today
Read more at VolaNews
