Illustrative image (Source: Straits Times) Berlin (VNA) – German newspapers have run articles spotlightingthe importance of the Region Comprehensive Economic Partnership (RCEP),especially for economic integration in the Asia-Pacific region.
The agreement was signed on November 15 by 10 ASEAN countries and their trade partners –China, Japan, the Republic of Korea, Australia and New Zealand.
Handelsblatt (Trade) newswire on November 14 said that the deal will form afree trade region which comprises of 2.2 billion people and accounts for one-third of global gross domestic product.
The agreement, signed after eight years of talks, willreduce tariffs, set common trade rules and also facilitate supply chains.
The article also cited economists as saying that the deal isof great importance for economic integration in the Asia-Pacific region.
Meanwhile, FAZ newspaper assessed that reaching consensus on tariff reductions and regulations related to around 20 aspects is asuccess of the RCEP signatories which are competing in many fields.
The article quoted economist Radhika Rao from the DevelopmentBank of Singapore (DBS) as saying that the deal will bring about a chance forthe region to turn the “factory of the world” into the “market of the world”.
The DW (Deutsche Welle) newspaper also ran an article on thesigning of the RCEP, saying that 15 nations in the Asia-Pacific region have enteredinto the world's largest free-trade agreement, which they hope will acceleratethe recovery of their economies, ravaged by the coronavirus pandemic./.
VNA
