Regional pact to aid growth and recovery
RCEP to foster economic ties among participants, experts and officials say
The Regional Comprehensive Economic Partnership agreement will help its participating countries forge more open economic relationships and improve trade liberalization, officials and experts said.
Jiang Jianguo, vice-minister of the Publicity Department of the Communist Party of China Central Committee, said on May 23 that participating countries are likely to benefit from the framework by continuously increasing their exports and imports, gross domestic product and their levels of social well-being.
He stressed that the media and think tanks in participating countries can play a vital role in informing the public on government policies related to the RCEP.
Jiang made the remarks during the opening ceremony of the RCEP Media & Think Tank Forum in Haikou, Hainan province, on May 23.
Speaking at the event, China Daily publisher and editor-in-chief Zhou Shuchun noted that while the world is facing profound changes rarely seen in a century, as well as COVID-19, the global economy is recovering amid tremendous challenges.
“It is widely agreed that the RCEP is bringing significant confidence to Asia and the world, and the trend of economic globalization is unstoppable,” Zhou said.
“As an important force in promoting human development, news media and think tanks shall further leverage their unique role of enhancing mutual understanding and expanding cooperation. They should take the world forward in the right direction by promoting regional economic development and exchanges and mutual learning among civilizations,” he added.
Zhou said he expects the forum to become a regular event to improve communication and lay a more solid foundation for building consensus and expanding cooperation.
The event on May 23 attracted more than 300 participants online and offline from home and abroad. At the opening ceremony, former Australian prime minister Kevin Rudd said via video that he “has always supported free trade, because it is conducive to the people, to economic development and to world peace”.
“Free trade has played a significant role in China’s economic growth. It has also contributed greatly to the improvement of Chinese people’s lives. The economic rise and future growth of Asia will require free trade to play a bigger role,” he said.
Arthayudh Srisamoot, ambassador of Thailand to China, said the RCEP will attract more investment from outside the region.
“We believe that RCEP can be an economic recovery tool against COVID-19 that will help to ensure opening of markets as well as uninterrupted
supply chains,” he said.
Dino Rachmadiana Kusnadi, minister and deputy chief of mission of the Indonesian Embassy to China, said that the purpose of the RCEP is to improve the livelihoods of people and bring prosperity to the region.
In November 2020, 15 countries signed the RCEP agreement.
Chi Fulin, head of the Hainan-based China Institute for Reform and Development, said: “Measures such as tariff reduction will release the huge trade growth potential in the region. After the RCEP takes effect, more than 90 percent of trade in goods in the region will eventually enjoy zero tariffs. This
will greatly reduce trade costs and product prices in the region, and have a huge impact on trade creation.”
Zhang Xiaoqiang, permanent executive vice-chairman and CEO of the China Center for International Economic Exchanges, said the RCEP is expected to boost the impact of the production network of East Asia. “As the world has not fully recovered from the COVID-19 disruptions, it is possible that global and regional supply chains become even more localized,” he said.