Indonesian officials and scholars are optimistic that RCEP will help promote regional economic recovery and development in the region | Economy | RCEP
Jakarta, June 10th (Xinhua) - The Regional Comprehensive Economic Partnership Agreement has recently come into full force for 10 ASEAN countries and 15 signatory countries including Australia, China, Japan, South Korea, and New Zealand. Indonesian officials and scholars recently stated in an interview with Xinhua News Agency that the full implementation of RCEP will accelerate the process of regional economic integration, promote economic and trade cooperation and investment growth, and add impetus to regional economic recovery and development.
Emmanuel Ringa, a senior official at the Foreign Trade Policy Center of the Indonesian Ministry of Trade, believes that as the world's largest free trade agreement, RCEP will significantly reduce tariffs and non-tariff barriers, lower trade costs for member countries, facilitate regional trade, and effectively enhance the scale of trade in goods and services in the region.
He stated that against the backdrop of rising protectionism in some countries, the full implementation of RCEP will boost confidence in the recovery and development of the local and global economies, and add impetus to regional economic recovery and development.
He said that China occupies an indispensable position in the global value chain system. As an important participant in RCEP, China's implementation of RCEP helps to enhance the resilience of regional and global value chains, and helps the regional economy to move forward steadily.
Banbang Suryono, Chairman of the ASEAN Nanyang Foundation, an Indonesian think tank, stated that RCEP will bring about trade expansion and creation effects, enhancing the international competitiveness of regional enterprises. The official implementation of RCEP will bring enormous economic benefits and higher levels of social welfare to member countries.
In Banbang Suryono's view, RCEP will also promote and accelerate regional investment, and its vast market coverage will attract more foreign investment. He stated that RCEP is clearly beneficial to ASEAN, and as the investment environment of ASEAN countries continues to improve, the advantage of labor costs is further apparent.
He said that as the largest economy within the RCEP framework, China has actively promoted the implementation and effectiveness of the RCEP through actions over the past year, which is impressive. ASEAN is full of expectations for China's high-level implementation of the RCEP.
Ban Bang Suoyono also stated that the current global economic situation is complex and severe, and China's unexpected growth in the first quarter has a profound impact on boosting international market confidence. He believes that a resilient, dynamic, and rapidly recovering China will continue to be a source of dividends for regional and global economic development.