New Zealand experts: RCEP will accelerate the world economic recovery

RCEP “super agreement” will promote world economic recovery

New Zealand experts welcomed the countries that have ratified RCEP, and said that the agreement will promote economic recovery in Asia – Pacific and the world in the context of Covid-19.

RCEP will remove up to 90% of tariff lines on goods between countries participating in the agreement, according to a 20-year roadmap. Photo: AFP

New Zealand experts assess that the Regional Comprehensive Economic Partnership (RCEP) is a form of regional cooperation that will bring great economic benefits and promote economic recovery in the context of the pandemic. Translate.

“RCEP is a clear example of how regional cooperation can bring enormous economic benefits. I am delighted that this agreement comes into force,” said Chris Lipscombe, President of the E-Commerce Foundation. across the New Zealand – China border said.

Ten ASEAN member states and China, Japan, South Korea, Australia, and New Zealand signed the RCEP agreement in mid-November 2020. This Agreement is expected to enter into force on January 1, 2022.

“New Zealand’s ratification of the RCEP earlier this week will pave the way for us to join the world’s largest free trade agreement,” said Chris Lipscombe. According to this expert, the RCEP “super-agreement” opens up a large market with the size of nearly one-third of the world’s population, nearly one-third of global GDP, and accounting for more than half of the country’s total exports. New Zealand.

According to preliminary trade figures from Statistics New Zealand, New Zealand took in NZ$15.36 billion from goods exports to China in the first 10 months of 2021, up 26% from the figure. NZ$12.19 billion in the same period last year.

Mr. He Zhiyun, Chairman of the China Council for the Promotion of International Trade, said that RCEP will consume up to half of New Zealand’s exports, and bring great benefits.

After taking effect, RCEP will remove up to 90% of tariff lines on goods between participating countries agreement, 20-year roadmap.

Independent economic analysis company ImpactECON (USA) predicts that in the next 20 years, New Zealand’s annual GDP will increase by 0.3 – 0.6% thanks to the RCEP agreement, equivalent to increased from 1.5 to 3.2 billion New Zealand dollars.

Mr. Chris Lipscombe assessed that the great benefits from RCEP are improved market access, reduced clearance time, and dispute resolution processes.

“While the world economy is recovering from Covid-19, RCEP will create a strong recovery impulse for our region. Accelerate the clearance of goods at the border, streamline trade and clear Removing procedural barriers in the ASEAN region will bring more business opportunities,” commented Chris Lipscombe.

This expert assessed the signing of the RCEP agreement as a new milestone in economic integration in the Asia-Pacific region. “The signing of the agreement shows that all members are committed to reducing tariffs, opening markets and cutting standards barriers. It also sends a strong signal against unilateralism and communism. strongly support and protect free trade and the multilateral trading system, while contributing to the global economy”. Mr. Chris Lipscombe added.

Agree with Mr. Chris LipscombeStephen Jacobi, Executive Director of the APEC Business Advisory Council, said that both RCEP and the expansion of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will further accelerate the economic recovery process. economy of the Asia-Pacific region from the Covid-19 pandemic.

“We look forward to more countries ratifying the RCEP and joining the CPTPP – a playground that China has expressed its desire to join and a foundation for building a free trade area in the Asia-Pacific. “, said Mr. Stephen Jacobi.

This expert expressed optimism about economic and trade cooperation between China and New Zealand as well as the economic recovery of the Asia-Pacific region.

“The Chinese economy is recovering strongly and China continues to be the engine of growth in the region despite the effects of the ongoing pandemic. The continued process of economic reform and opening will continue. boost China’s economic prospects. Once the country continues to reopen to tourists, we will see new opportunities develop for trade and investment,” said Mr. Jacobi.