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RCEP to boost confidence of world economy

Updated: Nov 06,2019 10:22 PM    Xinhua

BEIJING — As an important outcome of regional integration and the world's largest free trade agreement, the Regional Comprehensive Economic Partnership (RCEP) will boost the confidence of the world economy and investors, said an official with the Ministry of Commerce on Nov 6.

The agreement will forge a unified system of rules within the region, thus reducing operating costs and uncertain risks, and bringing huge convenience to import and export companies in the region, said Wang Shouwen, vice-commerce minister and deputy China International Trade Representative, at a press conference.

Considering its diversified membership structure including both the most developed countries and the least developed ones, Wang said the RCEP would have profound significance for the future formation of global trade rules.

Once signed, the RCEP will help advance China's efforts in stabilizing foreign trade and foreign capital, as well as promote the development of sound, sustainable and stable foreign trade, Wang noted.

Data from the ministry showed that China's trade with the other 14 countries participating in the RCEP surpassed $1.3 trillion last year, around one-third of its aggregate foreign trade.

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