At 11:45 a.m. on November 15th local time, the Regional Comprehensive Economic Partnership (RCEP) was officially signed under the organization of the 2020 ASEAN chairmanship, Vietnam. Tariff reductions among RCEP members are based on the commitment to immediately reduce tariffs to zero tariffs and to reduce tariffs to zero tariffs within ten years. China and Japan reached a bilateral tariff reduction arrangement for the first time, achieving a historic breakthrough!
The Regional Comprehensive Economic Partnership Agreement, referred to as RCEP (Regional Comprehensive Economic Partnership) in English, was initiated by 10 ASEAN countries (Indonesia, Malaysia, Philippines, Thailand, Singapore, Brunei, Cambodia, Laos, Myanmar, Vietnam) and invited China, Japan, South Korea , Australia, New Zealand, and India, six dialogue partner countries participated, aiming to establish a 16-country free trade agreement with a unified market by reducing tariffs and non-tariff barriers.
Premier Li Keqiang of the State Council attended the fourth "Regional Comprehensive Economic Partnership Agreement" (RCEP) Leaders' Meeting on the morning of November 15th, and stated that today, the leaders of our 15 countries have witnessed the signing of the Regional Comprehensive Economic Partnership Agreement (RCEP). As the free trade zone with the largest population, the most diverse membership structure, and the greatest development potential in the world, this is not only a landmark achievement of East Asian regional cooperation, but also a victory for multilateralism and free trade, which will definitely promote The development and prosperity of the region add new momentum and contribute to the recovery of the world economy.