China pushing for ‘early implementation’ of RCEP trade deal in January

A total of 15 Asia-Pacific economies and 10 members of the Association of Southeast Asian Nations (Asean) signed the Regional Comprehensive Economic Partnership (RCEP) in November

China ratified RCEP at the start of March, and the deal must be confirmed by at least six Asean countries and three non-Asean countries before it can come into effect

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The Regional Comprehensive Economic Partnership (RCEP) was signed in November. Photo: VNA via Xinhua

Published: 2:39pm, 25 Mar 2021Updated: 5:38pm, 25 Mar 2021

China is encouraging the early implementation of the Regional Comprehensive Economic Partnership (RCEP), and members of the Asia-Pacific trade pact aim for it to take effect from January 1, Wang Shouwen, China’s vice-commerce minister, said on Thursday.

China began gathering support for the pact in 2012, in what was seen as a bid to counter growing US influence in the Asia-Pacific region. Backing for RCEP gained momentum in 2017, after then US President Donald Trump withdrew the United States from the rival Trans-Pacific Partnership (TPP) pact.

In November, 15 Asia-Pacific economies, including China, Japan, South Korea, Australia, New Zealand, and 10 members of the Association of Southeast Asian Nations (Asean), formed the world’s largest free trade bloc, covering nearly a third of the global population and about 30 per cent of its global gross domestic product.

China has taken the lead in ratifying the RCEP, underscoring the great importance and full support from the Chinese government for the early implementation of the deal

Wang Shouwen

“China has taken the lead in ratifying the RCEP, underscoring the great importance and full support from the Chinese government for the early implementation of the deal,” Wang said.

“[The agreement] will bring opportunities for China’s foreign investment and service exports, it will also help China to benchmark against international high-level economic and trade rules, accelerate institutional opening.”

RCEP must be ratified by at least six Asean countries and three non-Asean countries before it can come into effect.

All members of the RCEP are planning to ratify the agreement before the end of this year, with Ministry of Commerce official Yu Benlin adding that Thailand has also ratified the agreement.