Nov 16, 2020
The Fourth Regional Comprehensive Economic Partnership Agreement Leaders'Meeting was held on November 15. The 10 Southeast Asian countries, as well as South Korea, China, Japan, Australia and New Zealand formally signed the Regional Comprehensive Economic Partnership Agreement (RCEP).
The main content of the agreement includes trade in goods: tariffs are reduced to zero tariffs and the zero-tariff commodity categories will reach 90% of the total in the next 20 years, trade in services, investment, technical cooperation, personnel flow, e-commerce and data exchange, small, medium and micro enterprise development.
The signing of the RCEP is an important step for regional countries to take concrete actions to safeguard the multilateral trading system and build an open world economy. It is of symbolic significance for deepening regional economic integration and stabilizing the global economy.