The sailing of RCEP and Hainan FTP to bring opening-up dividends to Asia
2022-04-23 10:05:34 source：CGTN
April 22, 2022
As global regional development faces strong headwinds, the Regional Comprehensive Economic Partnership (RCEP), the world's most populous free trade area, combines with Hainan Free Trade Port, the largest of its kind in the world, to bring greater institutional opening-up dividends to the Asian region, said experts at the Boao Forum for Asia 2022.
RCEP officially came into effect on January 1 this year. So far, six ASEAN nations including Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam, as well as China, Japan, the Republic of Korea, Australia, and New Zealand, have officially begun to implement the agreement, marking the sailing of the world's most populous and largest economic and free trade area.
China released a master plan in June 2020 to build the Hainan island into a globally influential and high-level free trade port by the middle of the century. One year after that, China passed a law on the Hainan Free Trade Port (FTP), making institutional arrangements for the construction of the Hainan FTP at the national legislative level.
Read more: