Latest RCEP negotiation concluded in Inchon

The 20th round-table negotiations on the Regional Comprehensive Economic Partnership Agreement were held in Inchon, the Republic of Korea, from Oct. 24 to 28, according to the Ministry of Commerce.

All relevant parties continued detailed negotiations on goods, services, investment and regulations, as required by the agreements made at the ministerial-level meeting in Manila in September, to form a draft joint assessment report to submit to the leaders.

At the Manila conference, all of the 16 countries - 10 countries of the Association of Southeast Asian Nations plus Japan, the ROK, India, Australia, China and New Zealand - agreed to speed up the RCEP negotiations and realize a substantial conclusion by the end of this year, to mark the 50th anniversary of the establishment of the ASEAN.

The 16 countries have a total population of 3.5 billion with an aggregate GDP of US$23 trillion. The inking of the RCEP agreement, which is expected to be a modern, comprehensive, quality and mutually beneficial economic partnership agreement, will create the world's largest free trade area.

The RCEP can create a more favorable external environment for China's economic and trade cooperation. To some extent, RCEP is of vital significance to maintaining peace and stability in the surrounding area for China, and helping it strive for a new peaceful development period of strategic importance. 

Almost all of the other RCEP members are China's important trading partners, and the RCEP negotiation is also the largest free trade talks China has taken part in. If RCEP can be established, China can obtain the initiative to take part in rewriting the international trade rules, better protect the autonomy of its domestic economic development and enhance its position in the global industrial value chain.

RCEP also has global implications, as it gives a greater say to emerging economies and developing countries in drawing up trade rules. RCEP is an open platform, and its influence will constantly increase, as it includes the economies that have the largest growth potential in the modern world.

Also, RCEP geographically overlaps with the Belt and Road Initiative. Carrying out the new trade rules, which are mutually beneficial, in the Belt and Road construction will inject new vitality to the initiative.

RCEP, if realized, will play a key role in boosting economic globalization and trade liberalization, and provide China with a new opportunity to constructively take part in the forming of fairer and more representative global trade rules. 

China can effectively deepen its cooperation with the other RCEP members under the free trade framework.