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WorldAsiaFully effective RCEP will accelerate the process of regional economic integration:Indonesian scholar

Fully effective RCEP will accelerate the process of regional economic integration:Indonesian scholar

The “Regional Comprehensive Economic Partnership Agreement” (RCEP) recently entered into full effect for 15 signatories including 10 ASEAN countries and Australia, China, Japan, South Korea and New Zealand. In an interview with the Chinese news agency Xinhua, Indonesian officials and scholars said that the full effect of the RCEP will accelerate the process of regional economic integration, promote economic and trade cooperation and investment growth, and promote regional economic reform and development. You will get speed.

Emmanuel Linga, a senior official at the Foreign Trade Policy Center of the Indonesian Ministry of Trade, believes that as the world’s largest free trade agreement, RCEP will significantly reduce tariff and non-tariff barriers as well as create more opportunities for member countries. Will reduce trade costs, and effectively increase the scale of trade in goods and services by facilitating regional trade exchanges. He said that China occupies an indispensable position in the global value chain system. As an important participant in RCEP, the implementation of RCEP by China will help the regional economy to grow rapidly.

Meanwhile, Bambang Suryono, president of the Indonesian think tank ASEAN Nanyang Foundation, said the RCEP would bring trade expansion effect and trade creation effect, as well as enhance the international competitiveness of enterprises in the region. The formal entry into force of RCEP will bring enormous economic benefits and higher levels of social welfare to the member countries. As the largest economy in the RCEP framework, China has actively promoted the implementation of RCEP through actions in the past year, which is impressive. ASEAN is full of hopes for China’s high-level implementation of the RCEP.

Bambang Suryono also said that the current global economic situation is complex and serious. The growth of the Chinese economy beyond expectations in the first quarter has had a profound effect on boosting confidence in the international market. He is confident that a resilient, strong and rapidly revitalizing China will continue to be a source of dividends for economic growth in the region and around the world.

(Credits- China Media Group, Beijing)

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