At the fifth RCEP Leaders' Meeting in Kuala Lumpur on Monday, the Chinese premier, Li Qiang, urged an accelerated expansion of the Regional Comprehensive Economic Partnership (RCEP), emphasizing its role in reinforcing the multilateral trading system and deepening regional integration.
Li also reiterated support for applicants like Hong Kong, calling on members to help the region complete its accession process and fully integrate into RCEP's tariff-cutting framework.
First launched in 2020, RCEP brings together 15 Asia-Pacific members—including the Association of Southeast Asian Nations (ASEAN), the Chinese mainland, Japan, the ROK, Australia and New Zealand—covering 30% of the global economy and nearly 2.3 billion people. By reducing tariffs on goods and opening services markets, the pact aims to boost trade, streamline rules and foster sustainable growth across member states.
As global supply chains shift and digital trade surges, RCEP's digital trade chapter has opened pathways for small businesses and startups to tap cross-border e-commerce. Experts note that deepening tariff cuts could slash shipping costs by up to 10% for key industrial goods by 2025, spurring fresh opportunities for young entrepreneurs and SMEs across Asia.
Highlighting the importance of ASEAN centrality, Li stressed that upholding true multilateralism is key to safeguarding open trade and investment. "China will always support the Association of Southeast Asian Nations' central role and stands ready to work with all parties to uphold true multilateralism," he said, echoing a broader push for inclusive growth and policy coordination in the Asia-Pacific region.
For globally minded readers, the accelerated expansion of RCEP signals a future where trade, digital innovation and sustainability converge—offering fresh avenues for collaboration across borders and industries.
Reference(s):
cgtn.com
