国际英语资讯:News Analysis: RCEP negotiations, regional connectivity gain progress as ASEAN, dialogue par_时事

国际英语资讯:News Analysis: RCEP negotiations, regional connectivity gain progress as ASEAN, dialogue par

The RCEP is a proposed mega trade pact between 10 ASEAN member states and their six free trade partners - China, Japan, South Korea, India, Australia and New Zealand. Once in operation, it will become the world's largest free trade agreement, covering 32.2 percent of global GDP and 3.5 billion people, or almost half of the world's population. RCEP economies account for 29.1 percent of global trade and about one-third of global investment inflows.

Chheang Vannarith, president of the Asian Vision Institute, said consumers will enjoy more affordable and more diversity of products from RCEP member countries, adding that logistics plays an important role in reducing transportation cost. "Physical connectivity projects and custom reforms need to be further enhanced to realize the potentials deriving from RCEP," he said.

The RCEP will "open the new door of opportunities for the least developed countries such as Cambodia, Laos, Vietnam and Myanmar in the bloc," said Joseph Matthews, senior professor at the BELTEI International University in Phnom Penh.

ASEAN, CHINA ALIGN DEVELOPMENT PLANS FOR CONNECTIVITY

During this year's ASEAN-China summit, the two sides took another step forward to promote the strategic partnership by synergizing the Master Plan on ASEAN Connectivity (MPAC) 2025 and the Belt and Road Initiative (BRI).

The two sides will draw on each other's comparative advantages and work together to promote infrastructure development, mobilize financial sources, facilitate digital transformation and enhance policy dialogues and people-to-people exchanges to pursue all-round connectivity in the region.