The Regional Comprehensive Economic Partnership (RCEP) agreement was signed five years ago on November 15. Figures show that in the current context of backlash against globalization, the agreement is accelerating regional economic integration and thereby demonstrating the resilience of multilateralism.

According to data from China’s General Administration of Customs, in the first three quarters of this year, the volume of trade in goods between China and the other RCEP members accounted for over one third of China’s total trade volume. Figures from the Korean Customs Service show that, in the first three quarters this year, the trade volume between the Republic of Korea and other RCEP members accounted for more than half of its total trade volume. Similarly, the Ministry of Commerce of Cambodia revealed, RCEP participating countries became the country’s most important trade market in the first three quarters this year, contributing nearly two thirds of the country’s total trade volume during this period. These examples demonstrate the central role RCEP is playing in trade, economic integration and growth in the Asia-Pacific region.

Five years ago, the 10 ASEAN countries, together with Australia, China, Japan, the Republic of Korea and New Zealand, jointly signed the RCEP, which officially came into effect on January 1, 2022. The agreement has so far given birth to a free trade area with the largest population, the most diverse membership and the greatest development potential of any in the world.

In the five years since the signing of RCEP, as regional trade and investment have continued to expand, the structure of the agreement has been optimized. It is now a core platform for promoting economic integration and stable growth in the Asia-Pacific region.

Through tariff reduction, cumulative rules of origin and simplifying customs clearance, RCEP has significantly promoted the efficient flow of intermediate goods (products used in the production of other goods or services) within the region and fostered the stability of industrial and supply chains. While global import and export pressure intensifies due to shifting U.S. tariff policies, RCEP members have seen their trade costs decline as a result of the trade agreement.

China is the largest economy in the RCEP and has always been an active proponent of its high-quality implementation, taking concrete actions to safeguard the multilateral trading system and build an open world economy. China not only plays an important role in promoting trade and investment among RCEP participating countries and strengthening the stability of industrial and supply chains, but also has achieved remarkable results in fostering regional integration and boosting regional economic growth. It has proactively implemented the RCEP rules, expanded independent opening up, simplified trade rules and improved its trade environment, providing more favorable conditions for businesses from RCEP participating countries to develop in the Chinese market.

On September 25, the fourth RCEP Ministers’ Meeting was held in Kuala Lumpur, Malaysia. The meeting discussed ways to strengthen RCEP implementation in the current global economic environment to support free trade and the rules-based multilateral trading system. The international trade situation in recent years has proved that as long as we refrain from taking any measures inconsistent with the obligations of the RCEP agreement, maintain an open, free and rules-based market, remove unnecessary trade barriers and enhance trade and investment facilitation, RCEP will bring mutually beneficial results.

At present, unilateralism and backlash against globalization are posing unprecedented challenges to the process of regional economic integration. All RCEP participating countries should uphold multilateralism, fully consolidate the momentum of Asia-Pacific economic cooperation, adhere to openness and inclusiveness, actively build a stable and diversified cooperation platform, and continuously explore the potential of regional free trade cooperation.