A joint initiative to promote the rapid implementation of the Comprehensive Regional Economic Partnership Agreement (RCEP) was launched on Sunday in the port city of Qingdao in eastern China.
Trade and investment promotion organizations and professional associations of RCEP members agreed to co-initiate the Qingdao Initiative on Joint Promotion of RCEP Regional Economic and Trade Cooperation, with a view to supporting an opening , inclusive, transparent, non-discriminatory and rules. multilateral trade regime based on a multilateral trade regime.
Against the backdrop of the severe impact of COVID-19 on the global economy, the RCEP will vigorously promote regional prosperity and stability, and provide momentum to accelerate the global economic recovery in the post-COVID-19 era, according to the initiative.
The initiative suggests that members integrate high-quality resources and restructure supply and value chains, develop RCEP as a service platform, and actively help companies create new markets and grow their businesses. in member countries.
It also calls on members to support pilot reforms introduced by relevant local governments in member countries and to promote the development of small and medium-sized enterprises as well as economic and technical cooperation.
China has taken the lead in ratifying the RCEP agreement, China’s Ministry of Commerce (MOC) said in late March.
All RCEP members plan to ratify the deal before the end of this year and push for it to enter into force on January 1, 2022, MOC official Yu Benlin said at an online training event. on the RCEP.
RCEP is the world’s largest free trade area across a wide range of indicators, and its 15 member states are home to 2.27 billion people, with a total GDP of US $ 26 trillion and total exports of 5.2 trillion US dollars.