December 30, 2021

The world will see the establishment of its largest trade bloc, the Regional Comprehensive Economic Partnership (RCEP), from the beginning of 2022, Chinese government officials announced on Thursday, a piece of news that not only brings hope after a year battered by the pandemic, but also marks a glorious victory of multilateralism and boosts trade prospects for countries in the Asia-Pacific region. 

From customs officials and entrepreneurs to academics, China has been gearing up for the start of the mega trade pact, which will see tariffs end on more than 90 percent of the commodities traded in the region either immediately or in stages, with companies under the RCEP umbrella holding high hopes for incremental investment and trade as a result of the agreement.

So far, China has been making preparations to implement all 701 binding obligations stipulated in the agreement, Vice Minister of Commerce Ren Hongbin said on Thursday during a press conference, stressing that the rolling out of the general market under the RCEP agreement will effectively offset the negative impact brought on the economy by the pandemic. 

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https://www.globaltimes.cn/page/202112/1243832.shtml