The 2022 High-level Forum for RCEP Economic and Trade Cooperation has kicked off in the Chinese city of Qingdao. Officials and representatives from members of the Regional Comprehensive Economic Partnership Agreement are taking part in the event. Lu Sirui has more.
More than 300 officials and representatives have joined the forum both online and in person to discuss the further implementation of the Regional Comprehensive Economic Partnership, or RCEP.
The world's largest free trade agreement came into effect early this year.
RCEP is a deal among the ten members of the Association of Southeast Asian Nations, or ASEAN, and the six Asia-Pacific states with which ASEAN has free trade agreements, namely, Australia, China, India, Japan, South Korea and New Zealand.
Officials say one of the most important features of RCEP is that the production process of goods can involve different member countries under the same trade agreement.
VAUGHN BARBER Chairman, China-Australia Chamber of Commerce "For example, manufacturer in Qingdao could source inputs from 15 RCEP member countries, and turn that into finished products, and sell that in to other RCEP markets, benefiting from RCEP, reduced tariffs under the RCEP agreement."
Experts also mentioned the creation of a harmonized set of rules and regulations to facilitate digital trade.
Kuaishou is one of China's leading short video platforms. It's now eyeing overseas markets.
LIU ZHEN Vice President, Beijing Kuaishou Technology Co. "In our past experience with overseas markets, we encountered some difficulties caused by geopolitical considerations or internet sovereignty rules in some countries. These all go against the nature of 'sharing' and 'interaction' of the industry. The RCEP is a new mechanism with 15 member states. We hope that there will be more favorable policies within the new mechanism, such as new regulations for market access, taxation and personnel mobility."
Chinese officials say they will further materialize the trade agreement and help companies to remove obstacles in multilateral businesses.
Source: CGTN
