Li Keqiang of China: "RCEP Agreement is a Victory for Multilateralism and Free Trade"

Premier Li Keqiang of China (Photo by Yonhap News)

[Asia Economy Reporter Geum Bo-ryeong] Chinese Premier Li Keqiang described the Regional Comprehensive Economic Partnership (RCEP) as "a victory for multilateralism and free trade."

According to the Chinese government website on the 15th, Premier Li stated at the RCEP summit that the conclusion of RCEP would inject new momentum into regional development and prosperity and contribute to the recovery of the global economy.

On the same day, the leaders of 15 countries, including the 10 ASEAN (Association of Southeast Asian Nations) countries, South Korea, China, Japan, New Zealand, and Australia, signed the RCEP agreement, the world's largest free trade agreement (FTA), via a video conference.

Premier Li described RCEP as "the free trade zone with the largest participating population, the most diverse membership, and the greatest growth potential," adding, "The signing of RCEP is a choice of unity and cooperation rather than conflict and confrontation, following the principle of Dongjugongje (crossing the river in the same boat together)."

China's Ministry of Finance highlighted the significance of RCEP as the first FTA between China and Japan. The ministry called it "historic," noting that "China and Japan have agreed on their first tariff reductions."