RCEP countries urged to integrate, restructure resources to restore global growth

The RCEP's participating countries are urged to integrate high-quality resources, and restructure supply and value chains to create a new force for restoring global economic growth. [Photo/Sipa] 

The Regional Comprehensive Economic Partnership's participating countries are urged to integrate high-quality resources, and restructure supply and value chains to create a new force for restoring global economic growth, according to a joint statement released by business associations of the pact's member economies.

With a view to accelerating the RCEP agreement to enter into force as early as possible, and supporting an open, inclusive, transparent, non-discriminatory and rules-based multilateral trading regime, RCEP members' trade and investment promotion organizations have agreed to co-initiate the Qingdao Initiative and reached a number of consensuses, according to a document released by the China Council for the Promotion of International Trade.

The Beijing-headquartered council unveiled the Qingdao Initiative document after leaders of RCEP participating countries' business associations held a cooperative forum in Qingdao, East China's Shandong province, on Sunday morning.

According to the document, business leaders stressed that the RCEP pact will ensure that economies with different levels of development, businesses of different sizes, and broader stakeholders can all benefit from the agreement.

Once RCEP takes effect, market access would be expanded and investment hurdles would be mitigated. These moves would release enormous potential and further promote intra-regional trade and investment flows, the statement said.

Therefore all the member economies should combine resource endowments and comparative advantages among members, optimize and harmonize regional trade and economic rules, facilitate innovation and integration of regional industries, and upgrade and restructure the industrial and supply chains, the initiative paper said.

Business leaders also called on members to develop RCEP as a service platform and actively help companies create new markets and expand business in member countries.