File photo taken on Jan. 22, 2021 shows pedestrian wearing face masks walking across a road in Tokyo, Japan. (Xinhua/Du Xiaoyi)
By reducing tariff barriers among member states and abiding by unified provisions in investment and trade, RCEP will facilitate regional economic and trade development, said Masahiro Morinaga, chief delegate of the Japan External Trade Organization's Chengdu office.
TOKYO, June 10 (Xinhua) -- The full implementation of the Regional Comprehensive Economic Partnership (RCEP), a mega free trade agreement, is of great significance to promoting regional economic integration and enhancing global trade and investment liberalization and facilitation, a Japanese expert has said.
"The pact will also positively promote the long-term stable growth of the world economy," Masahiro Morinaga, chief delegate of the Japan External Trade Organization's Chengdu office, told Xinhua in a recent interview.
The RCEP agreement is now in effect for all its 15 members as the world's largest free trade pact came into force for the Philippines on June 2, marking a new stage for the trade bloc of the world's largest population and trade volumes.
"By reducing tariff barriers among the 15 member states and abiding by unified provisions in the field of investment and trade, RCEP will facilitate regional economic and trade development," said Morinaga, pointing to the fact that total population, gross domestic product (GDP) and trade volumes of the 15 RCEP members account for about 30 percent of the global total respectively.
A woman wearing a mask takes photos of the Tokyo Sky Tree in Tokyo, Japan, May 24, 2020. (Xinhua/Du Xiaoyi)
He said that international trade has been deeply affected by protectionism in recent years, partly due to limitations of the World Trade Organization and other international institutions in fulfilling their responsibilities, and trade protectionist measures taken by the United States and some other countries.
In the context, RCEP's full implementation provides an opportunity for all parties to "return to the track of strengthening international cooperation with free trade as the goal," said the expert.
Commenting on RCEP's role in promoting China-Japan trade, Morinaga said that the agreement brings Japan and its largest trading partner China into the same free trade framework, exerting significant effects on trade with zero tariffs in place.
He said he believes that more Japanese enterprises in China will take advantage of RCEP. Meanwhile, a report released by the Japan External Trade Organization in April showed the number has been on the rise.
Under RCEP, tariffs will be lowered or lifted in phases, the agreement will have a bigger role to play in advancing trade and the economy, said Morinaga, stressing that economic ties between China and other RCEP member countries will be even closer.
Through tariff cuts, corporate costs will be lowered to help the development of businesses, thus promoting prosperity and relations between countries, he said, hoping to see more applications of RCEP.
Morinaga said that the world does not need "decoupling" and confrontation, and countries should resort to RCEP to promote cooperation, build a free and open trade system, advance the world economy.
Potentials will be tapped and the agreement will be a boon for the region and beyond, he said. ■
