Imagination.RCEP (1)- Significance and Influence
Under the background of the weak global economy and sluggish world trade, RCEP will play an important role in the world economy. In terms of promoting the stable supply chain in Asia Pacific, RCEP has great significance and impact.
What impact will RCEP bring after it takes effect?
1.Mitigate the risks and uncertainties the regional economic recovery faces.
The RCEP agreement was put into force as scheduled, and it helps to mitigate the risks and uncertainties the regional economic recovery faces.
2.Stimulate regional market potentiality and create more new consumer demand.
The liberalization and facilitation measures, as well as unified economic and trade rules of the RCEP agreement, will not only help to form new trade and investment increments but also further stimulate the potentiality of the regional market, create more new consumer demand and drive faster economic growth among countries.
3.Sharing RCEP integrated market
RCEP will boost the confidence and determination of working together among the international community to achieve economic recovery. The formation of RCEP will further share the benefits of the integrated market with other countries and inject fresh vitality into free trade and multilateralism.
As being the largest free trade zone in the world, after the RCEP agreement comes into effect, it will eventually reduce tariffs to zero on more than 90% of the goods traded among approved members. It is estimated that by 2030, RCEP is expected to drive a net increase in exports of US $519 billion and a net increase of national income of US $186 billion.
Asia Pacific member states will achieve stable growth under the RCEP system, further promoting the region, which accounts for about 30% of the global GDP, to overcome the epidemic difficulties. RCEP inject fresh impetus into the economic development of the region, which was most reassuring to leading the global economic recovery in the post-COVID-19 era under the background of the global economic contraction and the setback of investment confidence.
Please feel free to contact me for further information: info@gkc-expo.com
