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Xinhua news in Beijing, January 4 (reporters Xu Ke, Dong Xue), Foreign ministry spokesman Wang Wenbin said at a regular press conference that Regional Comprehensive Economic Partnership (RCEP) has enabled regional countries to deepen cooperation and increase efficiency, which is a major victory for multilateralism and free trade. China will work with all parties to actively participate in the construction of RCEP mechanism and make positive contributions to regional prosperity and world economic recovery.
A reporter asked, on January 1, RCEP officially came into force in 10 countries including China, marking the official landing of the free trade zone with the largest population, the largest economic and trade scale and the most development potential in the world. What is China's comment on the role and impact of RCEP?
Wang Wenbin said that the total population, total economy and trade volume of the 15 member countries of RCEP account for 30% of the global volume, which is the largest free trade zone in the world. With the formal implementation of RCEP, the proportion of zero tariff products between China and ASEAN, Australia, New Zealand and other member countries has increased significantly, which is moving towards the goal of zero tariff for more than 90% of goods trade. That will release the huge trade growth potential in the region and will become a major step in promoting the liberalization and facilitation of Global trade and investment.
He said that the effective implementation of RCEP has enabled countries in the region to deepen cooperation and increase efficiency. In addition to tariff preference, RCEP also sets a benchmark for the economic and trade rules of the Asia Pacific region in terms of rules of origin, customs procedures, inspection and quarantine and so on. RCEP has made a high-level commitment to opening up in terms of service trade and investment. The flow of various economic factors in the region will be smoother, and the industrial chain, supply chain and value chain will be further consolidated and developed. RCEP will simplify administrative procedures and reduce trade barriers, which will effectively promote the region to achieve higher quality and deeper regional economic integration.
Wang Wenbin indicated that the implementation of RCEP is a major victory for multilateralism and free trade. To achieve global economic recovery and prosperity, we must rely on multilateralism, expand openness and innovation sharing. Self-priority, advantageous monopoly and closed exclusion will only be counterproductive. In the post-epidemic era, opening up and accommodation is the general trend, and multilateralism and expanding opening up are the right way. We should tear down walls instead of build, open instead of isolate, integrate instead of disconnect. This is the common voice of all RCEP members to solve the problem of global economic governance.
"As one of the members that took the lead in completing the RCEP approval process, China has always adhered to open regionalism, maintain the multilateral trading system with firm determination and practical actions, promote the process of regional economic integration, and stimulate the growth of regional trade and investment." Wang Wenbin said, in the next step, China will work with all parties to actively participate in the construction of RCEP mechanism, jointly promote the improvement of the overall implementation level of the agreement, and make positive contributions to promoting regional prosperity and world economic recovery.