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(2021) Opening a New Chapter in Regional Economic and Trade Cooperation

Despite the backlash against globalisation over recent years, the signing of the Regional Comprehensive Economic Partnership (RCEP) and expansion of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) have brought inspiring results and injected new impetus into international cooperation.

Regional economic integration is gaining momentum in Asia, with China the frontrunner. LI Daokui believes China has become a leader in sustaining globalization as it prioritizes regional economic and trade cooperation. This is vital to rebuilding and achieving a prosperous, inclusive, resilient, and sustainable economy in Asia. The RCEP can deepen trade across the region. By enhancing regional production networks and coordinating regulation and policies, the RCEP enables different countries to adopt common rules of origin, and therefore reduces the export costs of RCEP members.

The development of the digital economy is also a new source of growth for global and regional trade. Since the COVID-19 outbreak, the digital economy has seen accelerated growth, not only bringing new opportunities for digital trade, but also contributing to better digital platforms and increased global market integration, making digital technology, software design, and other digital services the core of the new value chain.

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