The High-level Forum for RCEP Economic and Trade Cooperation under the theme of "Sharing Opportunities for Recovery and Development" opened in east China's port city of Qingdao on Sunday. 

Co-hosted by China Chamber of International Commerce and Qingdao Municipal People's Government, it invited government officials, diplomatic envoys, representatives of trade and investment promotion institutions, experts and scholars, and heads of enterprises from China and other RCEP member countries to discuss how to facilitate trade and share the development dividends of the Regional Comprehensive Economic Partnership (RCEP) agreement.

At the opening ceremony, Gao Yan, chair of the China Council for the Promotion of International Trade, said the RCEP would help realize zero tariffs of about a third of China's trade and significantly reduce the operating costs of enterprises in the region by facilitating trade and improving the business environment. 

"It's estimated that by 2025, the RCEP can create additional growth of exports, foreign investment stock and GDP respectively by 10.4%, 2.6% and 1.8% in member countries," she added.

The Secretary-General of ASEAN, Dato Lim Jock Hoi, via a video link, pointed out that the increasingly integrated global economy meant no single country could individually emerge unscathed from the devastating impact brought about by the COVID-19 epidemic. 

Recovery could only be achieved through strong economic cooperation, he stressed.

Thailand's Vice Minister of Commerce Sansern Samalapa stressed in his video message the importance of RCEP in dealing with new trade issues such as e-commerce and intellectual property protection. 

Some chapters and provisions of RCEP "aim to create a conducive environment for e-commerce including protection of personal information and online consumers as well as cooperation on cyber security," he pointed out.

Ramon M. Lopez, Secretary of Philippines Department of Trade and Industry, highlighted RCEP as a catalyst for his country's economic development. "RCEP participating countries account for 50% of the Philippines' export market and 68% of import sources. 

"It provides not only enhanced market access for our key products but also a platform to invite more investments. These investments are in vital sectors such as manufacturing, research and development, financial services, game development, e-commerce, and IT-BPO."

At the end of the opening ceremony, the Qingdao Initiative on Jointly Promoting RCEP Regional Economic and Trade Cooperation was launched with a view to supporting an open, inclusive, transparent, non-discriminatory, and rules-based multilateral trading regime.

The following two plenary sessions focused on higher-level opening-up for trade internationalization and facilitation as well as a better business environment featuring openness, fairness, convenience and rule of law.

In the afternoon, three panel discussions were held to pool wisdom on topics of facilitating opening-up and development of trade in services, reshaping global supply and value chains, and promoting global cooperation on the marine economy. 

Wang Jian, professor from the University of International Business and Economics, told China.org.cn that differences among the RCEP members were actually a great opportunity rather than barriers for members to cooperate for mutual complementarity, which is conducive to the restructuring of industrial, supply and value chains.

During the two-day event, participants also visited Qingdao Beer Museum, Qingdao International Design Center, Qingdao Port and Qingdao AI International Lounge.

China and Singapore have taken the lead in ratifying the RCEP agreement. All members are planning to ratify the deal before the end of this year, and push for it to become effective on Jan. 1, 2022, Yu Benlin, an official from China's Ministry of Commerce, informed an online training activity on RCEP.

The RCEP agreement is the world's biggest trade pact covering a market of 2.2 billion people with a combined GDP of $26 trillion, representing about 30% of global GDP.

Signed among the 10-member countries of ASEAN along with China, Japan, South Korea, Australia and New Zealand, the RCEP agreement constitutes a monumental achievement in East Asian regional cooperation and a victory of multilateralism and free trade.

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