Australian expert: RCEP is crucial for promoting trade openness and inclusiveness. China | RCEP | is crucial
Sydney, June 9th (Xinhua) - Peter Dresdale, director of the Institute of East Asian Economics at the National University of Australia, stated in a written interview with Xinhua that the Regional Comprehensive Economic Partnership (RCEP) is crucial for promoting trade openness and inclusiveness.
Dresdale stated that the full implementation of RCEP is of great significance as some major industrial countries reduce their support for trade openness and the multilateral trading system, helping to curb these trends that undermine the global trading system.
He said that RCEP is the world's largest free trade agreement and plays an important role in promoting economic and technological cooperation. He expressed his expectation that China, as the world's largest trading country, will play a greater role in strengthening the multilateral trading system under the RCEP mechanism and framework.
Dresdale believes that the RCEP has strengthened the confidence of countries in the region in trade growth, and also helps to restore stability and return to the right track of bilateral trade relations between Australia and China. In the future, this agreement will release greater potential in promoting trade growth among countries.
On June 2nd, RCEP officially came into effect for the Philippines, marking the full entry into force of RCEP for 10 ASEAN countries and 15 signatory countries including Australia, China, Japan, South Korea, and New Zealand.