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The marathon regional comprehensive economic partnership agreement (RCEP) negotiation, which lasted for many years, finally ushered in a major breakthrough and is expected to be signed next year. The free trade agreements that promote multilateral mechanisms not only bring a positive energy to the trade environment with volatile trade frictions, but also expand the "diversified development of foreign trade" frequently mentioned by the government to promote trade and investment cooperation in a wider range.
In fact, the trade between China and ASEAN is accelerating. In recent months, foreign trade data show that the export growth rate of China and ASEAN and all the countries along the road has exceeded the overall growth rate. For the Chinese foreign trade enterprises that are suffering from the Sino US trade war, ASEAN is one of the best choices for enterprises to move out, and the breakout of the RCEP has made the enterprises that are still waiting for it to start testing.
"It's going to be an agreement that considers a comprehensive balance." A Chinese official close to the talks told Reuters that the agreement contains a series of comprehensive and extensive contents such as tariffs, services, investment rules and implementation mechanisms, and will give the least developed ASEAN countries some additional flexibility.
He also said that RCEP focuses on the construction of East Asia economic zone. Most of its members are developing economies. It is necessary to take into account the different development levels of different member countries, the flexibility and openness of appropriate forms, and the strong support and beneficial supplement to the world multilateral trading system. As far as China is concerned, RCEP not only meets the requirements of China's new round of expansion and opening-up, but also is an important way to realize the diversified development of trade.
The decision of the Fourth Plenary Session of the 19th Central Committee of the Communist Party of China, published by Xinhua News Agency on Tuesday, said that we should open wider, wider and deeper to the outside world, promote wider opening of manufacturing, service and agriculture, protect the legitimate rights and interests of foreign investment, promote fair competition between domestic and foreign enterprises, expand diversification of foreign trade, and steadily promote the internationalization of RMB.
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