What is the significance of the RCEP signing to the world? What is RCEP? The news of the official signing of the Regional Comprehensive Economic Partnership (RCEP) on the 15th has aroused the enthusiastic attention of netizens. You must know that this process has taken 8 years of negotiation. This is regarded as an important milestone in regional economic integration and a new starting point for deepening East Asian regional economic cooperation. So, what is RCEP? What is the significance of RCEP signing to the world? Let's take a look together.
What is RCEP?
Full name: Regional Comprehensive Economic Partnership
After 8 years of negotiations, the "Regional Comprehensive Economic Partnership Agreement" (RCEP) was officially signed on the 15th. This is regarded as an important milestone in regional economic integration and a new starting point for deepening East Asian regional economic cooperation.
RCEP member countries include 10 ASEAN countries and China, Japan, South Korea, Australia, and New Zealand. The total population, economic volume, and total trade volume of the 15 member states account for about 30% of the global total, forming a free trade zone with the largest participating population, the most diverse membership structure, and the greatest development potential in the world.
What is the significance of RCEP signing to the world?
Its purpose is to establish mutual open markets among 15 countries and implement regional economic integration by reducing tariffs and non-tariff barriers.
RCEP is not only the world's largest free trade agreement, but also a comprehensive, modern, high-quality and mutually beneficial free trade agreement.
RCEP's 15 member states, the total population, economic volume, and total trade account for about 30% of the global total, which means that about one-third of the world's economies form an integrated market. The most important point in the agreement is that 90% of the merchandise trade between the member states in the agreement is zero tariffs.
A total of 15 member states have signed the RCEP this time, including 10 ASEAN countries and China, Japan, South Korea, Australia, and New Zealand, with a total population of 100 million, a GDP of 26 trillion US dollars, and a total export value of US$ trillion, all accounting for the global total About 30%.
The completion of the RCEP free trade zone means that about one-third of the world's economy will form an integrated market. Such a large market has not come easily. ——RCEP was initiated by ASEAN in 2012. After 8 years and 31 rounds of formal negotiations, especially since this year, the market access negotiations have been fully completed, and more than 14,000 pages of legal review work have been completed. Finally, the agreement was signed as scheduled during the Fourth Leaders' Meeting and became the most important achievement in the 20 years of East Asian economic integration.
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