The Regional Comprehensive Economic Partnership came into effect on Jan 1, forming the largest free trade zone in the world. Under the agreement, more than 90 percent of goods traded among the members will be tariff-free. The 15-member deal will help offset the uncertainties caused by the COVID-19 pandemic and counter the headwinds of unilateralism and protectionism, thus facilitating the global economic recovery.

Wei Jianguo, a senior councilor to the China Center for International Economic Exchanges and former vice-minister of commerce, expressed his optimism about the RCEP’s prospects and its likely impacts on regional and world trade. The RCEP is not a simple grouping of countries and it will facilitate exponential growth, he says.