04/12/2023 (Hong Kong, China) - At the Greater Bay Area Conference on November 22, Hong Kong Chief Executive John Lee Ka-chiu expressed gratitude to the Association of Southeast Asian Nations (ASEAN) member countries for their support in Hong Kong's bid to join the Regional Comprehensive Economic Partnership (RCEP).
The significance of Hong Kong's accession to the RCEP was underscored, as it promised to accelerate opportunities for businesses, people, and geopolitics in the region.
The RCEP, in effect since January 2022, brought together the 10 ASEAN member states, the Chinese mainland, Japan, the Republic of Korea, Australia, and New Zealand, forming the world's largest free trade agreement. It covered a third of global GDP and a third of the world's population, with plans to eliminate 90 percent of tariffs among its members. The establishment of common rules for e-commerce, customs procedures, and intellectual property aimed to facilitate trade by reducing costs and barriers.
The RCEP's alignment with the Belt and Road Initiative's economic corridors promised economic growth in areas such as policy, infrastructure, trade, finance, and people-to-people exchanges.
Enhanced regional connectivity sought to mitigate concerns surrounding "de-risking" from China, promoting inclusivity despite differences and disagreements.
The RCEP's impact on green initiatives, its potential to drive Asia's and global GDP growth, its influence on regional dynamics, and its role in promoting cross-border trade and digital currencies made it a pivotal development in the global economic landscape.