Doublelight congratulations to 15 countries for officially signing RCEP
On November 15, 2020, the 4th Regional Comprehensive Economic Partnership (RCEP) Leaders’ Meeting was held via video. The ten ASEAN countries and 15 countries including China, Japan, South Korea, Australia and New Zealand have formally signed RCEP, marking the official conclusion of the world's largest free trade agreement.
The signing of the RCEP is an important step for regional countries to take concrete actions to safeguard the multilateral trading system and build an open world economy. It is of symbolic significance for deepening regional economic integration and stabilizing the global economy.
The Bloomberg News Agency of the United States stated that the creation of the world's largest economic circle by 15 Asia-Pacific countries, including China, "is the victory of China's pursuit of greater economic integration in the past decade."
"The RCEP signing initiated by China poses a challenge to the United States," the New York Times stated that the RCEP signing "helps consolidate China's image as a dominant economic power in the region." The report quoted Loveli, a senior researcher at the Peterson Institute for International Economics, as saying that RCEP will encourage global companies to avoid the high tariffs imposed by Trump and keep their jobs in Asia instead of moving to North America. According to reports, the signing of RCEP shows that "the rest of the world does not want to wait for the United States anymore," and that US exporters may gradually lose ground.
According to Reuters, at the unusual online signing ceremony of RCEP, leaders of 15 countries stood behind their trade or commerce ministers to witness the signing, and then showed these agreements to the camera in a victory gesture. 15 Asia-Pacific economies formally formed the world's largest free trade area on the 15th. This is a "free trade agreement supported by China, but it does not include the United States." The report also stated that in Asia’s doubts about US participation in regional activities, RCEP has posed a further blow to the US. Now, regardless of RCEP or the new version of TPP (CPTPP), there is no United States. The United States, known as the world's largest economy, is absent from these two free trade agreements covering the fastest growing regions on the planet.
Regarding the concerns of the United States and other Western countries being challenged by RCEP, Chen Fengying, a researcher at the Institute of World Economics of the China Institute of Contemporary International Relations, believes that RCEP was not intended to challenge the United States from the beginning, but for the development of Asia itself. The signing of RCEP is the result of "all parties are actively advancing under the leadership of ASEAN." "The reason why the little horse can pull the cart" is precisely what the Chinese leader said, "Everyone's affairs are handled by everyone, and everyone's affairs are handled by consultation."
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