RCEP rollout a major victory for multilateralism, free trade: FM spokesperson

BEIJING, Jan. 4 (Xinhua) -- The entry into force of the Regional Comprehensive Economic Partnership (RCEP) agreement is a major victory for multilateralism and free trade, a Foreign Ministry spokesperson said Tuesday.

Spokesperson Wang Wenbin made the remarks at a daily news briefing when asked to comment on the RCEP's rollout, noting that China will work with all parties to take an active part in the RCEP's institution building while making positive contributions to regional prosperity and global economic recovery.

Noting that the RCEP is the world's largest free-trade pact, he said that the RCEP's coming into force will unleash huge potential for trade growth in the region and represents a major step forward in promoting global trade and investment liberalization and facilitation.

"In addition to tariff reduction, the RCEP has also set a benchmark for economic and trade rules in the Asia-Pacific region," said Wang, adding that the RCEP's commitment to high-level opening-up concerning trade and investment in services will facilitate the smooth flow of various economic factors, while further developing the industrial, supply and value chains in the region.

The RCEP has simplified administrative procedures and reduced trade barriers, and this will give a strong boost to higher-quality and deeper regional economic integration, said the spokesperson.

The entry into force of the RCEP is a major victory for multilateralism and free trade, said Wang, adding that openness and integration are the trend of the times in the post-pandemic era.

As one of the first countries to complete the procedures for RCEP ratification, China has always upheld the multilateral trading system and promoted regional economic integration to boost regional trade and investment with firm determination and concrete actions, said Wang.

He added that China will work with all parties to actively participate in the RCEP's institution building, jointly promote the overall implementation of the agreement, and make positive contributions to promoting regional prosperity and global economic recovery.