2021-01-16
Joint statement by the leaders of the Regional Comprehensive Economic Partnership Agreement (RCEP);
Source: Ministry of Commerce News Office
we, the heads of state/government of the member states of the Association of Southeast Asian Nations (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam) and Australia, China, Japan, Korea and New Zealand, convened the fourth RCEP leaders meeting by video on 15 November 2020.
we are pleased to witness the signing of the RCEP agreement against the backdrop of the 2019 new coronavirus pneumonia (COVID-19) global pandemic that brings unprecedented challenges to the world. The pandemic has had a serious impact on our economy and the well-being of our people. RCEP signing demonstrates our strong commitment to economic recovery, inclusive development, increased employment and enhanced regional supply chains, as well as our support for an open, inclusive, rules-based trade and investment arrangement. Acknowledging that RCEP agreements are essential to the region's response to the pandemic of Newcastle disease, we will play an important role in building regional resilience through inclusive and sustainable economic recovery processes in the aftermath of the epidemic.
RCEP Agreement, we note, is an unprecedented large regional trade arrangement involving developed, developing and least developed countries in the region. agreement covers a market with 2.2 billion people (nearly 30% of the world),$26.2 trillion GDP( about 30% of the world) and nearly 28% of global trade (based on 2019 data). And we believe RCEP as the world's largest free trade arrangement, It represents an important step towards building an ideal framework of global trade and investment rules.
As well, we note that RCEP is the most ambitious free trade agreement proposed by ASEAN, which enhances ASEAN's centrality in the regional framework and promotes ASEAN cooperation with regional partners. RCEP Agreement, as a modern, comprehensive, hi