On March 8, Minister of Commerce Wang Wentao said in an interview with reporters on the "Ministerial Channel" of the National Two Sessions that the Chinese government has formally approved the Regional Comprehensive Economic Partnership Agreement (RCEP). This shows that RCEP is one step closer to its effective implementation. Many foreign media have expressed strong expectations for the effects of RCEP after its entry into force.
Peru’s “Peruvian” reported that China has specifically established a working mechanism for the implementation of RCEP’s entry into force, which reflects the great importance it attaches to the agreement.
According to the report, after the RCEP approval takes effect, member states will lower tariffs, open markets, and reduce standard barriers in accordance with their commitments. The future development of the free trade zone will be full of potential and vitality.
Vietnamese French daily newspaper "Vietnam Post" stated that after the effective implementation of RCEP, Asia will gradually become a clear-cut trade zone from this starting point, and will inject strong impetus into the regional economic recovery in the post-epidemic era.
The Indian WION news website predicted in the report that the implementation of RCEP will create conditions for the optimization and reconstruction of the supply chain in the Asia-Pacific region, and promote the integration of the regional industrial chain, supply chain and value chain in the post-epidemic era. At the same time, more enterprises from ASEAN countries will cooperate with each other. Products will enter the Chinese market more conveniently, and Chinese foreign trade companies and people will benefit from it.
According to RCEP, the agreement needs to be approved by at least 9 of the 15 members, including at least 6 ASEAN member states and at least 3 countries among China, Japan, South Korea, Australia and New Zealand.
(Source: International Online)
