The Regional Comprehensive Economic Partnership Agreement (RCEP) promoted by 15 countries was officially signed today (15th). Singapore’s Minister of Trade and Industry Chen Zhensheng signed this landmark agreement with the ministers of economy of other member states on behalf of Singapore.
Prime Minister Lee Hsien Loong of Singapore delivered a speech at the RCEP summit via video, strongly affirming the effect of the agreement. He pointed out that RCEP is a major step taken by the world during a period when multilateralism is losing its advantages and global growth is slowing down.
Lee Hsien Loong said: “RCEP takes ASEAN as the main axis and brings together some countries adhering to diversification to create the world’s largest free trade area.
It symbolizes that we maintain an open and interconnected supply chain and promote freer and closer interdependence.
The collective commitment of relations, especially when some countries turn inward in the face of Coronavirus and are under protectionist pressure.
It is of special significance. It allows all participating countries to have greater relevant interests in each other’s achievements and prosperity, and at the same time. Help strengthen regional peace and security.”
The RCEP free trade zone covers about one-third of the world’s population, and its gross domestic product (GDP) accounts for about 30% of the world’s total. It is the world’s largest free trade zone agreement.
In addition to the 10 ASEAN countries, the member countries of the agreement include China, South Korea, Japan, Australia and New Zealand.