BEIJING, Jan. 1 (Xinhua) -- The very beginning of 2023 marks the first anniversary of the entry into force of the Regional Comprehensive Economic Partnership (RCEP), as well as the launch of a free trade area with the largest population, the most diverse membership and the greatest development potential.
One year on, the RCEP agreement has shown great vitality, effectively boosting trade among member countries and prospering the regional economy.
The membership of the RCEP comprises 10 Association of Southeast Asian Nations (ASEAN) countries, as well as China, Japan, the Republic of Korea (ROK), Australia and New Zealand.
The agreement further advances the development of the international multilateral trading system.
Over the past year, in the face of surging anti-globalization sentiments and the sluggish world economy, the RCEP agreement, covering a wide range of rules to facilitate trade and investment liberalization, has injected strong impetus into regional industrial integration and economic recovery.
The RCEP agreement serves as a strong hedge against protectionism and unilateralism and a practical booster for free trade and multilateral cooperation. Over the past year, the agreement has lowered the cost of trade, facilitated the integration of industrial chains, and benefited consumers in the region. Its enforcement has helped the recovery of the Asia-Pacific economy, offsetting the headwinds from sluggish global demand and other factors.
The agreement also promotes coordinated regional economic development and helps build an open world economy. Over the past year, the growth of direct investment among member states indicates the surging industrial integration process and the stronger resilience and stability of industrial chains, supply chains and value chains in the region.
The open and stable market of the free trade area has attracted more and more foreign investment from around the world, helping the area withstand external economic turbulence.
China, via close cooperation with other member countries, has been committed to pushing for high-quality RCEP implementation through its opening-up and development to promote regional economic integration.
Data from the Ministry of Commerce shows that China's trade with the other RCEP signatories expanded 7.9 percent year on year to 11.8 trillion yuan (about 1.69 trillion U.S. dollars) in the first 11 months of 2022, accounting for 30.7 percent of China's total foreign-trade value.
In the new year, China will further unleash the development potential brought by RCEP agreements and share the dividends of its own economic growth with other countries in the region and beyond, providing stability and certainty for the regional and global economic recovery. ■
