The conclusion of the Regional Comprehensive Economic Partnership (RCEP) agreement represents not only a landmark achievement of East Asian regional cooperation, but also a victory of multilateralism and free trade.

Premier Li Keqiang made the remarks when attending the 4th RCEP Summit on Nov 15, where the agreement was signed by its 15 participating countries.

As the world’s largest free trade bloc featuring the largest population, most diverse membership and greatest development potential, the RCEP will definitely inject new engines into promoting regional development and prosperity, and emerge as a fresh force for restoring global economic growth, Premier Li said.

The signing, which came after eight years of negotiation, offers a ray of light and hope to people facing the gloomy international landscape and shows that multilateralism and free trade is the right way and remains the correct direction for the world economy and all people.

The RCEP will guide people toward solidarity and collaboration instead of conflicts and confrontations while confronting challenges. Also, the beggar-thy-neighbor approach or wait-and-see attitude will give way to mutual assistance and support. Thus, it can be obvious to the world that openness and cooperation is the only path for all countries to achieve win-win results, the Premier said.

In spite of the bumpy road ahead, joint efforts and firm confidence will absolutely bring a better future for East Asia and even the whole world, he added.