RCEP will be sign in November

On August 27, the eighth economic ministerial meeting of the Regional Comprehensive Economic Partnership (RCEP) was held in video meeting. The RCEP agreement is expected to be signed at the 4th RCEP Meeting in November 2020.

At the meeting, the ministers believed that the unprecedented challenge of the global pandemic of COVID-19 has affected trade and investment among RCEP members. They agreed that this challenge urgently requires countries in the region, including the participants in the RCEP negotiations, to ensure market openness, especially for key goods and services. It also requires countries to strengthen cooperation and coordination to jointly fight the global pandemic of COVID-19. Ministers emphasized that the RCEP agreement will play an important role in promoting post-epidemic recovery and maintaining the stability of regional and global economic development.

RCEP is the abbreviation of Regional Comprehensive Economic Partnership. RCEP negotiations began in 2012 and were composed of 10 ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) initiated. China, Japan, South Korea, Australia, New Zealand, and India are invited to participate ("10+6") to establish a 16-country free trade agreement with a unified market by reducing tariffs and non-tariff barriers. It was first proposed by ASEAN countries and led by ASEAN for regional economic integration cooperation. It is an organizational form for member countries to open markets to each other and implement regional economic integration.

After the successful signing of the RCEP, the area covered by the trade agreement will become the world's largest free trade zone, which will help improve the convenience of import and export enterprises in the region, reduce business costs, and promote mutual trade and investment in the region. The RCEP trade agreement also plays an important role in maintaining free trade and countering trade protectionism.