Participants attend the 3rd Regional Comprehensive Economic Partnership (RCEP) Summit in Bangkok, Thailand, Nov. 4, 2019. RCEP breakthrough boosts multilateralism On Nov. 4, 15 participating countries of the Regional Comprehensive Economic Partnership (RCEP) said they have concluded text-based negotiations and essentially all market access issues at the third RCEP Leaders' Summit in the Thai capital city of Bangkok, which marks a huge stride in the construction of an East Asian free trade area, with the largest population, the most diversified membership structures, and the greatest potential for development in the world. The RCEP was initiated by the 10-member Association of Southeast Asian Nations, which has invited China, Japan, South Korea, Australia, New Zealand and India to participate. India has yet to join the pact. Despite the undercurrents of unilateralism and protectionism, the breakthrough demonstrates that multilateralism and free trade remain the predominant forces in the world. (Xinhua/Zhu Wei)
RCEP breakthrough boosts multilateralism
On Nov. 4, 15 participating countries of the Regional Comprehensive Economic Partnership (RCEP) said they have concluded text-based negotiations and essentially all market access issues at the third RCEP Leaders' Summit in the Thai capital city of Bangkok, which marks a huge stride in the construction of an East Asian free trade area, with the largest population, the most diversified membership structures, and the greatest potential for development in the world.
The RCEP was initiated by the 10-member Association of Southeast Asian Nations, which has invited China, Japan, South Korea, Australia, New Zealand and India to participate. India has yet to join the pact.
Despite the undercurrents of unilateralism and protectionism, the breakthrough demonstrates that multilateralism and free trade remain the predominant forces in the world.
