At present, the global geopolitical situation is tense, the economic structure is evolving, and the industrial and supply chains are in disorder. Against such a background, it is necessary to fully understand the significant impact of the implementation of RCEP (Regional Comprehensive Economic Partnership Agreement) from a global perspective, grasp the general trend, eliminate interference, and work together to build the world's largest free trade area with a high level.
First, shared development is a prominent feature of RCEP. RCEP will not only promote the inclusive development of the region, but also stimulate global economic growth.
Development is the basis and premise for solving all problems. It is now and it will be in the future. RCEP puts the common development of the region as a priority, that is, it is development-oriented and unleashes the potential of economic cooperation in the region. At present, the global economic development may face severe challenges of the "lost decade". The World Bank predicts that from 2022 to 2030, the average global potential GDP growth rate will drop by about 1/3 compared with the first decade of this century; if countries adopt sustainable and growth-oriented policies, the potential GDP growth rate may Increased by 0.7 percentage points. Development or recession, cooperation or confrontation have become major choices facing the world today. RCEP, with developing countries as the main body, regards common development as its core interest. It clearly stated that "expand and deepen economic integration in the region, enhance economic growth and equitable economic development". The next 5-10 years will be a critical stage for the release of RCEP policy dividends. The International Monetary Fund (IMF) predicts that from 2022 to 2028, the GDP growth of the RCEP region will reach 13.3 trillion US dollars, which will be 17% higher than the combined GDP growth of the United States and the European Union; by 2040, East Asia’s GDP will The proportion of the world economy will increase from the current 30% to more than 50%. As a result, RCEP will become the world's largest economic growth center and an important force in the transformation of the world economic and trade order.
Development based on market and rules is sustainable development. It is now and it will be in the future. The "Indo-Pacific Economic framework" led by the United States attempts to build an exclusive supply chain system based on values in the Asia-Pacific. In essence, it is a zero-sum game driven by self-interest and maintaining its own hegemony at the expense of the interests of other countries. Some Indian media commented that "we should be wary of falling into the trap of 'Indo-Pacific Economic framework'". In stark contrast to this, the regional development of RCEP is based on the market and rules, which will bring about long-term sustainable growth in the region. "Establish clear and mutually beneficial rules to facilitate trade and investment" is the basic principle of RCEP. The development of RCEP will prove that regional economic cooperation based on market and rules has the strongest vitality and vitality.
Shared development is the pursuit and goal of free trade in the new era. It is now and it will be in the future. RCEP holds high the banner of shared development and will surely win the future of regional and global free trade. based on the basic principle of shared development, RCEP has set up special and differential treatment clauses to benefit members at different stages of development. For example, in 2022, Cambodia's exports to other RCEP member countries will increase by 7% year-on-year, driving Cambodia's economic growth by about two percentage points that year. Some analysts predict that by 2035, RCEP will increase the GDP growth rate of ASEAN by 4.47 percentage points; among them, the GDP growth rate of the Philippines, Cambodia, Thailand, Vietnam and other countries will increase by more than 6 percentage points.
Second, high-level openness is an important goal of RCEP. Timely advancement of RCEP's high-level opening-up process will continuously improve the level of economic development in the region and promote the formation of a new pattern of world free trade development.
RCEP, which is characterized by shared development, is a free trade arrangement suitable for the region and an important carrier for continuously releasing regional development dividends. Objectively speaking, a rule system with slightly lower standards but inclusiveness is often more effective than a rule system with high standards but strong exclusion. The outstanding advantage of RCEP lies in the balance between high standards and applicability. based on the principle of inclusive and shared free trade and open flexibility, RCEP has great prospects. In the future, a higher level and shared development of RCEP will release greater economic growth effects and play an important role in promoting global governance reform.
