Today China and ASEAN welcomed the entry into force of the Regional Comprehensive Economic Partnership (RCEP) Agreement on 1 January 2022 at the ASEAN-China Special Summit to Commemorate the 30th Anniversary of ASEAN-China Dialogue Relations.
the RCEP is an agreement to broaden and deepen ASEAN’s engagement with Australia, China, Japan, Korea and New Zealand.
Together, these RCEP participating countries account for about 30% of the global GDP and 30% of the world population.
The objective of the RCEP Agreement is to establish a modern, comprehensive, high-quality, and mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment and contribute to global economic growth and development.
Accordingly, it will bring about market and employment opportunities to businesses and people in the region. The RCEP Agreement will work alongside and support an open, inclusive, and rules-based multilateral trading system.
The Summit hel today was co-chaired by His Majesty Sultan Haji Hassanal Bolkiah, Sultan and Yang Di-Pertuan of Brunei Darussalam and His Excellency Xi Jinping, President of the People’s Republic of China.
There are many agreements and statements in the joint communication signed today on enhanced cooperation between the PRC and the South East Asian countries block, and not only on strenthening economic cooperation ties, such as the agreed on the political-security, social -cultural, regional and international fields.
But taking into account the interests of Eastwind readers I have decided to focus this information on the economic scope of the joint declaration.
Both parties agree to furhter enhance RCEP and coperation in inclusive and sustainable development
ASEAN and China welcome the enter into force of the Regional Comprehensive Economic Partnership (RCEP) Agreement on 1st January 2022.
Besides to working together for the effective implementation of the RCEP Agreement, to deliver benefits to businesses and people in the region, both parties commit to make efforts to effectively implement the ASEAN-China Free Trade Agreement (ACFTA), and the remaining elements in the Future Work Program under the ACFTA Upgrading Protocol.
ASEAN and China will conduct a Joint Feasibility Study to identify other areas to be included in the ACFTA, deepening this way the economic ties.
Creating more trade opportunities in digital economy and fostering new sources of growth for cooperation will be explored to achieve a more inclusive, modern, comprehensive, and mutually beneficial SEANChina Free Trade Area.
Both parties reaffirm teir commitment to the open, free, inclusive, transparent, and non-discriminatory rules-based multilateral trading system with the World Trade Organisation (WTO) at its core.
ASEAN and China declared they are ready to make economic globalisation more open, inclusive, balanced, and beneficial to all.
The parties will synergise the Master Plan on ASEAN Connectivity (MPAC) 2025 and the Belt and Road Initiative (BRI) in two fields: carrying out mutually beneficial and high-quality cooperation, and encourage support from financial institutions, including the Asian Infrastructure Investment Bank, where relevant, to achieve the goal of high-standard, people-oriented, peoplecentred, and sustainable development.
Both parties will continue to enhance cooperation under the frameworks of ASEAN-China Customs Directors-General Consultation.
Both ASEAN and China commited on enhancing cooperation to pursue innovative, coordinated, open, inclusive and sustainable development that puts people at the centre.
Closer partnership in science, technology and innovation
Both parties agreed in building a closer partnership in science, technology and innovation, including through jointly formulating and implementing the ASEAN-China Plan of Action on a Closer Partnership of Science, Technology and Innovation for Future (2021-2025) to connect China and ASEAN strategies of innovative development and foster new impetus for cooperation cooperation on low-carbon, circular and green economy.
Several pacts on green economy
The PRC and ASEAN committed as well to:
a) Exploring cooperation on low-carbon, circular and green economy by following the trend of the latest science and technology developments and industrial transformation, including through sustainable economic models and initiatives as inspired by regional and national action plans such as the Belt and Road Partnership on Green Development and the Bio, Circular and Green Economy.
b) Promoting cooperation on new energy technologies, green investment and finance, and other fields, and work for the restructuring and upgrading of economy, energy systems and industry to realise sustainable green growth and low-carbon development.
c) Continuing to encourage partnership on blue economy between ASEAN and China and promote marine ecosystem conservation and sustainable use of the ocean, seas and marine resources.
And last but not least important, agreemnts on SPS products
Both parties commited to continue enhancing cooperation under the frameworks of ASEAN-China Customs Directors-General Consultation, and ASEAN-China Ministerial Meeting on Sanitary and Phytosanitary (SPS) Cooperation, through the implementation of the Memorandum of Understanding between the Governments of the Member States of the Association of Southeast Asian Nations and the Government of the People’s Republic of China on Strengthening SPS Cooperation.
