After eight years of running, RCEP has finally been formally signed.
The Fourth Regional Comprehensive Economic Partnership Agreement (RCEP) Leaders' Meeting was held on November 15. The 10 ASEAN countries and 15 other countries including China, Japan, Korea, Australia and New Zealand formally signed the RCEP, marking the formal conclusion of the world's largest free trade agreement. It covers about 47% of the world's population, about 32% of global GDP, about 29% of global trade and about 32% of global investment.
Signing the RCEP is an important step for countries in the region to take concrete actions to uphold 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.
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