Signing of RCEP bolsters multilateral cooperation
On Nov. 15, the Regional Comprehensive Economic Partnership (RCEP) agreement was signed among its 15 participating countries, namely the ten-member Association of Southeast Asian Nations, China, Japan, South Korea, Australia and New Zealand, and set up a free trade bloc with the largest participating population in the world, the most diverse membership, and the greatest development potential.
This is a monumental achievement in East Asian regional cooperation, which will help realize a high-level opening-up for trade in goods and services, as well as investments, among regional countries, greatly lift the level of regional trade and investment liberalization and facilitation, and strengthen the attractiveness and competitiveness of the region. The signing of the pact will not only further promote regional development and prosperity, but also add fresh impetus to global growth.
Containers are seen at the Pasir Panjang container terminal in Singapore on Aug. 17, 2020. (Photo by Then Chih Wey/Xinhua)
