-- The RCEP agreement covers a market of 2.2 billion people, or almost 30 percent of the world's population, with a combined GDP of 26.2 trillion U.S. dollars or about 30 percent of global GDP.
--The signing of RCEP is not only a monumental achievement in East Asian regional cooperation, but more important, a victory of multilateralism and free trade.
--As the most promising FTA covering the largest population and most diverse membership, RCEP will inject new impetus into development and prosperity of the region, and will contribute to the recovery and growth of the world economy.
By Xinhua Writers Bai Jie, Pan Jie and Cao Jiayue
BEIJING, Nov. 15 -- After eight years of negotiations, 15 Asia-Pacific countries on Sunday signed the Regional Comprehensive Economic Partnership (RCEP), the world's biggest trade pact, a move considered a massive coup for regional economic integration, multilateralism and free trade.
"This is not only a monumental achievement in East Asian regional cooperation, but more important, a victory of multilateralism and free trade," said Chinese Premier Li Keqiang at the fourth RCEP Summit held via video link.
Chinese Premier Li Keqiang and leaders of other countries attend the signing ceremony of the Regional Comprehensive Economic Partnership (RCEP) agreement after the fourth RCEP Summit, which is held via video link, Nov. 15, 2020. Li attended the summit at the Great Hall of the People in Beijing on Sunday. Chinese Commerce Minister Zhong Shan signed the agreement on behalf of China. (Xinhua/Zhang Ling)
Leaders from the 15 nations, including 10 member countries of the Association of Southeast Asian Nations (ASEAN) and China, Japan, the Republic of Korea (ROK), Australia and New Zealand, witnessed the signing of the pact after the summit.
Calling the pact "the most promising FTA covering the largest population and most diverse membership," Li said the signing "will inject new impetus into development and prosperity of the region, and will contribute to the recovery and growth of the world economy."
MILESTONE IN REGIONAL ECONOMIC INTEGRATION
The RCEP agreement covers a market of 2.2 billion people, or almost 30 percent of the world's population, with a combined GDP of 26.2 trillion U.S. dollars or about 30 percent of global GDP.
It is an unprecedented regional trading arrangement that comprises a diverse mix of developed, developing and least developed economies of the region, according to a joint statement issued after the summit.
The agreement "is critical to the region's response to the COVID-19 pandemic and will play an important role in building the region's resilience through an inclusive and sustainable post-pandemic economic recovery process," leaders said in the statement.
"The trade pact marks a new milestone in regional economic integration in East Asia," Chinese Vice Commerce Minister Wang Shouwen told reporters Sunday afternoon in Beijing.
According to Wang, the agreement covers 20 chapters, including the market access of goods and services trade and investment as well as regulations for trade facilitation, intellectual property rights, e-commerce, and others.
The pact will vigorously boost confidence in regional trade and investment, enhance the ability of all parties to cooperate in fighting the pandemic, hasten the economic recovery in all countries, and promote the long-term prosperity and development of the region, Wang said.
