*ThefullRCEPimplementationmarksanewstagefortheworld"slargesttradebloc.

*Amiddecliningglobalopennessandrisingtradecosts,theRCEPishelpingtopromoteopening-upandcooperationintheregionandbeyond.

*ChinaexpectsamoreprosperousintegratedregionalmarketandbroadercooperationamongRCEPmembercountries.

(资料图片仅供参考)

BEIJING,June2(Xinhua)--TheRegionalComprehensiveEconomicPartnership(RCEP)agreementcameintoforceinthePhilippinesonFriday,meaningtheworld"slargestfreetradepactisnowineffectforallits15members.

ThefullimplementationoftheRCEPisanewstageforthetradeblocwiththeworld"slargestpopulationandtradevolumeaswellasthegreatestdevelopmentpotential,saidChina"scommerceministry.

Itreflectsthedeterminationandactionsofits15members--10AssociationofSoutheastAsianNationsmemberstates,China,Japan,theRepublicofKorea,AustraliaandNewZealand--tosupportanopen,free,fair,inclusiveandrules-basedmultilateraltradingsystem,theministrysaid.

SignedinNovember2020aftereightyearsofnegotiations,thelandmarkRCEPagreementcoversroughly30percentoftheworld"sgrossdomesticproductandpopulation.ItenteredintoforceonJan.1,2022,withtheaimofgraduallyeliminatingtariffsonover90percentofgoodstradedamongitsmembers.

ThesigningceremonyoftheRegionalComprehensiveEconomicPartnership(RCEP)agreementisheldviavideoconferenceinHanoi,Vietnam,Nov.15,2020.(VNAviaXinhua)

Thefullimplementationwillinjectstrongmomentumintoregionaleconomicintegration,comprehensivelyenhancethelevelsoftradeandinvestmentliberalizationandfacilitationinEastAsia,andcontributetothelong-termstabledevelopmentoftheregionalandglobaleconomies,accordingtothecommerceministry.

PhilippineTradeandIndustrySecretaryAlfredoPascualdescribedtheRCEPagreementas"amodern,comprehensive,high-qualityandmutuallybeneficialeconomicpartnership."

"WeseeRCEPasacriticalkeytowardinclusiveeconomicgrowth,notonlyforthePhilippinesbutwithinASEAN,"hesaidinastatementreleasedonThursday,priortothePhilippines"ratificationofthepact.

INITIALFRUITS

Sincethetradepactcameintoforcelastyear,goodstradetiesamongRCEPmembershavebecomecloser,andintra-regionaltradeisnowakeyforceinstabilizingandboostingtheforeigntradeofRCEPmembers,China"scommerceministrynoted.

In2022,tradebetweenChinaandotherRCEPmembersincreased7.5percentyearonyearto12.95trillionyuan(about1.82trillionU.S.dollars),andRCEPinvestmentinChina,inactualuse,climbed23.1percentto23.53billionU.S.dollars,datashows.

Boomingforeigntradehasalsobeenreportedinothermembercountries.Thailand"stradewithotherRCEPmembersrose7.11percentyearonyearto300billionU.S.dollarslastyear.Inthefirstfourmonthsof2023,Cambodia"sexportstoRCEPcountriessurged16percentyearonyear.

AworkerarrangesduriansatadurianprocessingfactoryintheChanthaburiprovince,Thailand,May5,2022.(Xinhua/WangTeng)

TheRCEPregionhascontinuedtobeahotspotforglobalinvestment,withmostmembersshowingupwardtrendsintheirutilizationofforeigninvestment,accordingtoChina"scommerceministry.

GuQingyang,anassociateprofessorattheNationalUniversityofSingapore"sLeeKuanYewSchoolofPublicPolicy,toldXinhuathatthevibrantdynamismoftheregionisalsoastrongattractionforeconomiesoutsidetheregion,whichiswitnessingincreasingnon-RCEPinvestment.

Amiddecliningglobalopennessandrisingtradecosts,theRCEPishelpingtopromoteopening-upandcooperationintheregionandbeyond,andiscontributingtoglobaleconomicdevelopment,saidRebecaGrynspan,secretary-generaloftheUnitedNationsConferenceonTradeandDevelopment.

HIGHER-STANDARDOPENING-UP

Opening-upcommitments,togetherwithhigh-standardrulesinvariousfields,willgreatlyfacilitatefreeflowsofproductionfactorslikerawmaterials,goods,technologies,humanresources,capital,informationanddatawithintheregion,thecommerceministrysaid.

Withthefullimplementationofthedeal,theministryexpectsamoreprosperousintegratedregionalmarkettoformgradually,andbroader,higher-standardanddeepercooperationtobeachievedamongmembercountries.

ItalsohopesthatthefullimplementationofRCEPwillgiveChinaastrongboosttopursuehigh-standardopening-upbycreatingmorefavorableconditionsfortheexpansionoftradeingoodswithRCEPmembers,furtheropeningtradeinservicesandinvestment,andimprovingtradefacilitationandthebusinessenvironment.

ThisaerialphototakenonFeb.23,2023showstheQinzhouPortinsouthChina"sGuangxiZhuangAutonomousRegion.(Xinhua)

BiHaijun,anofficialofQingdaoCustomsineastChina,saidtheRCEPagreementhasnotonlyeasedenterprises"accesstofreetradebenefits,butalsointegratedregionalindustrialandsupplychains,whichwillfacilitatethehigh-qualitydevelopmentofintra-regionaltrade.

LocalgovernmentsinChinahavealsotakentheopportunityoftheimplementationtobuildafirst-classbusinessenvironment,makingcontinuouseffortstoattractindustries,capitalandhumanresources,accordingtothecommerceministry.

Asthetradepactisnowinfullforce,Chinawillcontinuetoguidelocalgovernments,industriesandenterprisestoensurethesolidimplementationoftheRCEP,provideimprovedpublicservices,andcreateconditionsforthemtoengagefurtherintheRCEPmarket,theministrysaid.

Chinawillalsoworkwithotherpartiestofulfillitsobligations,strengthentheRCEPmechanism,enhancetheoverallimplementationoftheagreement,andprovideastrongguaranteeforthesteadydevelopmentofRCEPcooperation,theministrypledged.

(Videoreporters:ZhuYubo,KangWenjun,WangHuan,AliJaswal,TariqHameed;videoeditors:ZhangQiru,ZhangYuhong,WuYao)