BEIJING, Jan. 1 (Xinhua) -- The Regional Comprehensive Economic Partnership (RCEP) agreement, the world's largest free trade deal to date, came into force on Saturday, representing not only a landmark for economic integration in the Asia-Pacific region but also a triumph for multilateralism and free trade over unilateralism and protectionism.
The first day of 2022 witnessed the implementation of the RCEP in six ASEAN member states -- Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam -- as well as four non-ASEAN signatory states -- China, Japan, New Zealand, and Australia. The Republic of Korea will join the implementation on Feb. 1. The other four ASEAN member states will also implement the deal after completing their domestic ratification procedures.
The RCEP, signed on Nov. 15, 2020, is a modern, comprehensive, high-quality, and mutually beneficial free trade agreement, covering about 30 percent of the world's population, as well as 30 percent of the world's economic and trade volume.
Nearly a decade after the pact was initiated by ASEAN, its official rollout marked a milestone of opening up for member states and the world as well. It demonstrated the urgency of regional economic integration and the determination of participating countries to maintain the stability and security of supply chains against the backdrop of the COVID-19 pandemic.
The enforcement of the world's largest free trade zone highlights the resolve of participating countries to jointly build an open world economy and oppose trade protectionism and unilateralism -- twin threats that go against the trend of history and the welfare of the people.
The RCEP has been promoted in line with the trend of economic globalization and regional integration, meeting the development aspirations and interests of all member states.
ASEAN became China's largest trading partner in 2020, with bilateral trade exceeding 680 billion U.S. dollars. Trade between China and the other 14 members of the RCEP totaled nearly 11 trillion yuan (about 1.73 trillion U.S. dollars) in the first 11 months of 2021.
The RCEP will certainly inject sustained impetus into regional economic growth and the recovery of global economy. It will also help further develop industrial chains, supply chains, and value chains to promote the free flow of economic factors.
The RCEP is a response to the needs of its member states and the changing international situation. It proves once again that multilateralism and an open world economy are the right way forward for humanity, and solidarity and cooperation are the only way to overcome difficulties and facilitate global economic recovery. Enditem
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