Despite the ongoing pandemic and geopolitical volatility, most entrepreneurs from China, Japan and South Korea are optimistic about China’s economic growth in 2022 and the recently implemented mega trade pact – the Regional Comprehensive Economic Partnership (RCEP), according to a joint survey by the Global Times Research Center, Maeil Business Newspaper and Nikkei.
Everyone knows free trade enhances productivity and creates wealth. With the 15-member RCEP (Regional Comprehensive Economic Partnership) coming into force at the beginning of 2022, the world’s largest free trade area is born that will bring heightened certainty to open, fair, inclusive and rules-based multinational trade and investment to all the signatories. In sharp contrast to the US government’s penchant for imposing trade tariffs and unilateral economic sanctions against other countries, RCEP is likely to make Asia the “center of gravity” for global commerce and prosperity.
A wave of initial deals swept across China’s exporting provinces in the first week of implementation of the Regional Comprehensive Economic Partnership (RCEP) pact, as companies across China are thrilled at the tangible RCEP benefits.
The world will see the establishment of its largest trade bloc, the Regional Comprehensive Economic Partnership (RCEP), from the beginning of 2022, Chinese government officials announced on Thursday, a piece of news that not only brings hope after a year battered by the pandemic, but also marks a glorious victory of multilateralism and boosts trade prospects for countries in the Asia-Pacific region.
The Regional Comprehensive Economic Partnership (RCEP) pact that creates the world’s largest free trade bloc will lift regional GDP by 0.86 percent by 2035, a report by the Chinese Academy of International Trade and Economic Cooperation stated on Sunday.
Hong Kong expressed a strong interest as early as 2018 in joining the Regional Comprehensive Economic Partnership (RCEP) and has received positive responses RCEP member states.
Yuhan Zhang, UC Berkeley
In November 2020, 15 countries signed the Regional Comprehensive Economic Partnership (RCEP) amid a backdrop of deglobalisation and trade protectionism. While RCEP demonstrates the success of ASEAN’s middle-power diplomacy and promotes regional trade and economic development, it also serves China’s national interests and will make the region’s largest economy more powerful economically and politically.
Author: Heimkhemra Suy, Phnom Penh
Though the Regional Comprehensive Economic Partnership (RCEP) may bring only modest short-run economic benefits to Cambodia, the long-run outlook looks positive. Through ASEAN free trade agreements (FTAs) with non-ASEAN partners, Cambodia has already benefited from extensive tariff reductions and preferential trade treatment. For example, over 70 per cent of intra-ASEAN trade is conducted with zero tariffs.