Cargo ships offshore Singapore (Photo: Reuters) Hanoi (VNA) - The RegionalComprehensive Economic Partnership (RCEP) sends a very powerful message of theregion's commitment to open and liberal trade, an official of the InternationalMonetary Fund (IMF) has said.
Addressing an online press conference on April 13, acting director of the IMF'sAsia and Pacific Department Jonathan D. Ostry said this is a "very welcomestep."
According to the official, the global environment has been extremelychallenging, and yet Asia was able to conclude this agreement in thischallenging environment, sending a very powerful signal.
Trade has been a powerful driver of growth and poverty alleviation in Asia fordecades, Ostry noted, adding that even as there were global trade tensions,Asia sought to invigorate regional trade liberalisation.
RCEP, signed in November 2020, groups the 10 members of the Association ofSoutheast Asian Nations (ASEAN) as well as China, Japan, the Republic of Korea,Australia and New Zealand.
RCEP brings together many countries, including three regional giants -- China,Japan, and the Republic of Korea - for the first time in a common regionalagreement, Ostry said.
The newly-signed agreement could provide a powerful impetus for greater tradein the Asia and Pacific region, he went on.
According to the IMF's recent projections, Asia-Pacific is expected to grow by7.6 percent this year and by 5.4 percent next year, thanks to the recovery of regionalcountries.
Ostry underlined the need to further efforts in order to advance the greenagenda and push forward the promising shift toward a greener energy mixemerging amid the pandemic./.
VNA
