All 15 members have completed the entry into force procedures and mutually implemented tariff concessions
RCEP is moving towards a new stage of full implementation
On June 2, after the Regional Comprehensive Economic Partnership Agreement (RCEP) officially entered into force for the Philippines, all 15 members have completed the entry into force procedures and mutually implemented tariff concessions. The agreement has entered a new stage of full implementation.
RCEP is the largest free trade agreement in the world, and it is also a comprehensive, modern, high-quality and reciprocal free trade agreement. What does this agreement contain and what is its significance? Entering a new stage of full implementation, how to better release the dividends and potential of RCEP? The reporter interviewed Zhang Xiaotao, dean of the School of International Economics and Trade and director of the International Investment Research Center of the Central University of Finance and Economics.
The world's most populous, largest economic and trade area, and the most promising free trade zone set sail, and East Asia's economic integration has taken an important step
Q: What was the establishment process and original intention of RCEP?
Zhang Xiaotao: RCEP was initiated by ASEAN in 2012. In November of that year, the leaders of the ten ASEAN countries, China, Japan, South Korea and other countries jointly issued the "Joint Statement on Initiating Negotiations on the Regional Comprehensive Economic Partnership Agreement" in Phnom Penh, Cambodia, officially launching Free trade zone construction process. In May 2013, the first round of RCEP negotiations was held in Brunei, and three working groups on trade in goods, trade in services and investment were established to discuss related issues. After 8 years and 31 rounds of formal negotiations, on November 15, 2020, the trade ministers of the ten ASEAN countries and 15 countries including China, Japan, South Korea, Australia, and New Zealand formally signed the agreement through video conference, which marks the At present, the free trade zone with the largest population, the largest economic and trade scale and the greatest development potential in the world has officially launched, and the economic integration of East Asia has taken an important step.
RCEP integrates multiple "10+1" free trade agreements between ASEAN and China, Japan, South Korea, Australia, and New Zealand, as well as existing multi-pair free trade partnerships between China, Japan, South Korea, Australia, and New Zealand. A new free trade partnership has been established between Japan and Japan and South Korea, resulting in a broader and more forward-looking free trade agreement.
The original intention of RCEP can be understood from four aspects: first, to expand and deepen the economic integration of the region, to enhance economic growth and fair economic development, to promote economic cooperation, to enhance economic partnership among members, thereby creating new employment opportunities, Improve the general welfare of the people of all countries; second, seek to establish clear and mutually beneficial market access and economic and trade rules, facilitate trade and investment, and support the development of regional industrial and supply chains; third, give differential treatment to the least developed countries and help developing members strengthen their capacity building to promote inclusive and balanced development in the region; fourth is to promote economic efficiency and trade and investment development through good governance and a predictable, transparent and stable business environment.
Q: RCEP is regarded as another important milestone in regional economic integration following the establishment of the ASEAN Economic Community. How to understand the role and significance of RCEP?
Zhang Xiaotao: RCEP covers 20 chapters, including market access such as trade in goods, trade in services, and investment, as well as a large number of rules on trade facilitation, intellectual property rights, e-commerce, competition policy, and government procurement. It can be said that the agreement covers all aspects of trade and investment liberalization and facilitation, and is considered to be "the most important achievement of East Asian economic integration in the past 20 years."
