East Asia will become the new center of global trade(1)

East Asia "will become the new center of global trade"(1)

According to a report on the website of Singapore’s Lianhe Zaobao on January 2, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect on January 1, 2022. ASEAN hopes that this world’s largest free trade agreement can promote trade and investment and prevent the epidemic. China has accelerated economic recovery.

RCEP is a regional agreement signed by 10 ASEAN countries and 15 countries including China, Japan, South Korea, Australia and New Zealand. It accounts for about 30% of the global gross domestic product (GDP) and covers about 30% of the world’s population. After the agreement comes into effect, tariffs on about 90% of commodities will be gradually eliminated, and unified regulations will be formulated for trade activities such as investment, intellectual property rights and e-commerce.

ASEAN Secretary-General Lin Yuhui pointed out in a recent interview with Xinhua News Agency that the entry into force of RCEP will create opportunities for regional trade and investment growth, and promote the sustainable recovery of regional economies hit by the epidemic.

It is reported that the Economic Coordination Minister of Indonesia, the largest economy in Southeast Asia, Ellanga, said that Indonesia is expected to approve RCEP in the first quarter of 2022.

Malaysia National Chamber of Commerce President Lu Chengquan said that RCEP will become an important catalyst for Malaysia’s economic recovery after the epidemic, and it will also benefit the country’s enterprises a lot.