On June 2, the "Regional Comprehensive Economic Partnership Agreement" (RCEP) officially entered into force for the Philippines, marking the full entry into force of RCEP for the 15 signatories.
Xu Ningning, chairman of the RCEP Industrial Cooperation Committee and executive director of the China-ASEAN Business Council, told reporters that when the global economy is facing headwinds, strengthening regional cooperation is an important way to solve difficulties and a long-term development strategy. An important starting point for deepening regional cooperation.
Xu Ningning said that at present, the prospects for ASEAN's economic development are promising. ASEAN forecasts its regional economic growth to be 4.7% in 2023 and 5.0% in 2024, faster than global economic growth expectations. The economic growth of the Philippines ranks among the top among the ten ASEAN countries.
Xu Ningning analyzed that RCEP will come into effect on January 1, 2022. At present, the implementation of RCEP is facing an unoptimistic global economy. Improving the level of regional cooperation and developing the potential of regional cooperation is an important way to solve the current difficulties and a long-term development plan, and it is also a common need to deal with the severe challenges brought about by the complex and ever-changing international situation. RCEP is an important starting point for broadening and deepening regional cooperation.
Xu Ningning pointed out that the current factors affecting the implementation of RCEP mainly lie in: the determination and confidence of the signing countries to implement the RCEP agreement out of internal needs; the strength and degree of implementation of the agreement by the signing countries; the improvement and improvement of the regional business environment; Operational measures taken to bring new business opportunities through opening up; cooperation among signatories; effects in the process of promoting RCEP to achieve expected goals. Signatory countries should focus on building RCEP itself to achieve the expected purpose of signing RCEP.
According to him, ASEAN, as the initiator and leader of RCEP, once again emphasized the importance of fully and effectively implementing RCEP in the statement issued by the ASEAN leaders meeting held in May this year. ASEAN stated that it will set up RCEP support units within the secretariat and gradually transition to an independent RCEP secretariat to strengthen the organizational construction for promoting RCEP implementation.
Xu Ningning said that under the influence of economic laws and industrial laws, the business circles of the signatories are generally optimistic about the business opportunities of RCEP, and multinational companies outside the region have also increased their investment in the RCEP area. RCEP reflects the development needs and trends of multilateral cooperation and free trade in the global economy, and will provide support for world economic growth and make contributions to the RCEP region.
Xu Ningning also said that RCEP countries need political harmony. The development of economic and trade cooperation among countries is closely related to the consolidation of friendly relations between them. "The conclusion and entry into force of RCEP did not come easily. The signatories should cherish this major cooperation achievement and actively implement the agreement, so as to jointly achieve new development in regional economic integration."
