With leaders of China, 10 Association of Southeast Asian Nations (ASEAN) member countries, the Republic of Korea, Japan, Australia and New Zealand witnessing, the Regional Comprehensive Economic Partnership (RCEP) agreement was officially signed on Nov 15 at the 4th RCEP Summit. Premier Li Keqiang called Nov 15 "a milestone moment" because the RCEP agreement represents not only a landmark achievement of East Asian regional cooperation, but more importantly, it marks a victory of multilateralism and free trade.

The China Chamber of Commerce to the EU lauded the victory, believing it will help shape the world's largest free trade bloc featuring the largest population, most diverse membership and greatest development potential. It also says that deep cut of tariffs, the rules of origin and other content in the agreement are expected to bring more tangible benefits for businesses involved in the pact soon once it is put into effect.

CCCEU Chairwoman Zhou Lihong comments: "The conclusion of this agreement offers uplifting example of international economic cooperation,which has been affected by protectionism and unilateralism; and it has also injected confidence to boost global economic recovery hit by the recession amid COVID-19 pandemic."

"Right now, China and EU are racing towards ending negotiation of the bilateral investment treaty (BIT) by the end of this year. We are looking forward to the conclusion of this long-awaited agreement," says Zhou.

"We are also expecting to put bilateral free trade talks on the official agenda as soon as possible, which could then offer solid framework of trade and investment liberalization and facilitation in the two major markets consisting of almost 1.9 billion consumers."