Launch of the Chinese Business Community Initiative on Jointly Promoting Regional Business Cooperation Under RCEP

On February 5, 2021, China-ASEAN Business Council and relevant national business associations at home jointly issued the Chinese Business Community Initiative on Jointly Promoting Business Cooperation Under RCEP, expressing their collective desire to further friendly cooperation with counterparts across the region.

In the past two months since the signing of RCEP, Premier Li Keqiang repeatedly urged to speed up the domestic work concerning effective implementation of RCEP at three executive meetings of the State Council, said Xu Ningning, Executive President of CABC. By issuing the Initiative, the Chinese industrial and commercial community not only showcased its proactive response in implementing the requirements of the State Council, but also showed counterparts in RCEP member states its aspiration for cooperation and greater openness.

The Initiative highlights that business communities of RCEP member states have fully understood the significance of RCEP, are now fully availing themselves of the opportunities for opening up by strengthening industrial cooperation, expanding trade and investment, endeavoring to yield conducive climates for market opening, as well as unleashing the potentials of enterprises as major players in economic and trade cooperation via mutual support and cooperation against the pandemic. Arthayudh Srisamoot, Ambassador of Thailand to China, states that he is personally glad to see the signing of the RCEP in 2020.

In fact, the text-based negotiations for the RCEP was concluded during Thailand's ASEAN Chairmanship in 2019, he said, and Thailand is proud to play its part in the process. While RCEP is waiting for domestic approval procedures in member states, it is timely for the CABC to continue its leading role in inviting China's relevant national business associations to jointly issue the "Chinese Business Community Initiative on Jointly Promoting Regional Business Cooperation Under RCEP". Regional cooperation is an important model for economic development and a strong foundation for economic prosperity for the region. The COVID-19 pandemic has made people more aware of the importance of regional cooperation. RCEP is an important vehicle for broadening and deepening regional cooperation. It is believed that the active and close cooperation of regional business community under RCEP will enable RCEP to produce tangible benefits for us all.

Yu Hongjun, Former Vice Minister of the International Department of the CPC Central Committee, stated that the signing of RCEP is a great event in a world undergoing profound changes, and it is also a great event that will have far-reaching impacts on future world economic relations, especially a new round of economic globalization and global governance. The specific proposals put forward in the Initiative under the leadership of CABC make the best use of the situation in a precise way. China’s initiative fully demonstrates our firm will to keep pace with the world and the time and the willingness of Chinese business community to work with RCEP partners to overcome difficulties through concerted efforts. The initiative of Chinese business community will have a positive catalytic and exemplary effect on the progress of RCEP.

Lyu Kejian, Former Director General of Department of Asia Affairs of the Chinese Ministry of Commerce, stated that among the 15 member states of RCEP, China and ASEAN are each other's largest trading partners. Over the past eight years, CABC has been working together with the ASEAN business community to facilitate the construction of RCEP. In order to promote cooperation between the business communities of China and the other 14 RCEP member countries, the Initiative was jointly issued by CABC and relevant national business associations, which deserves recognition and appreciation. The industries of RCEP member states are highly complementary, with bright prospects and great potentials for cooperation. In the face of the complex situation in which the pandemic has caused setbacks in the economies of all countries, the signing of RCEP has brought opportunities for the adjustment of regional economic industrial structure and industrial innovation and development. Industrial cooperation is directly related to the fruits of opening up and cooperation within the RCEP framework. As highlighted in the Initiative, member states should strengthen industrial cooperation among all parties and actively build a new industrial chain that complements each other's economies in an open market.

The China General Chamber of Commerce was one of the initiators. Jiang Ming, Chairman of CGCC and President of the Federation of Asia-Pacific Retailers Associations, said that the Chinese government and society attach great importance to RCEP, having high expectations for its implementation. As a representative industry organization of China’s commerce and circulation service industry, CGCC has maintained friendly, cooperative relations with the business communities of RCEP member countries over the years. Issued under the advocacy and leadership of CABC, the Initiative will bring together domestic and foreign resources to expand space for cooperation. RCEP is expected to take effect at the end of this year. Hopefully by then the global pandemic will be over, and closer and high-quality regional cooperation will boost world economy.

According to Yang Kun, Executive Vice President of China Electricity Council, the signing of RCEP will promote cooperation among all member states in the field of energy and electricity. He said CEC is honored to join the Initiative, led by the CABC, China’s power industry is willing to enhance cooperation with counterparts in RCEP countries. With the investment and trade facilitation opportunities brought by RCEP, the Chinese power industry is looking forward to deepening mutual understanding with all parties to form a more competitive market entity, further amplifying the agglomeration effect of industry and supply chains.

Gao Sumei, Vice President and Secretary General of China Information Technology Industry Federation said that the signing of RCEP reflects economic globalization and regional economic integration and opens up more space for China-ASEAN sustainable development. Over the years, China and ASEAN have supported and cooperated with each other in the field of electronic information. CITIF will support CABC to promote China’s electronic information enterprises to strengthen cooperation with ASEAN member countries, seize the opportunity of current global electronic information technology reform and industrial reform, promote the development of digital economy in all ASEAN countries, and build sustainable digital economy partnerships.

Pang Guanglian, the leader of China Petroleum and Chemical Industry Federation and Secretary General of International Alliance of Production Capacity Cooperation Enterprise of China Petroleum and Chemical Industry, pointed out that the Initiative launched by CABC and jointly released by 76 national business associations will promote communication and cooperation. CPCIF will lead China’s petrochemical industry to promote international cooperation in petrochemical production capacity and equipment manufacturing in the construction of the “double development dynamic” and the implementation of RCEP.

China Machinery Industry Federation said that the signing of RCEP is an important milestone in regional economic integration. It would help facilitate the formation of regional economic and trade rules, provide an enabling business environment, promote trade and investment among RCEP members, attract investments from outside the region and boost regional and global economic growth. CMIF would use this opportunity to lead other enterprises in this field to embrace the opportunities and challenges. The federation would also take full advantage of the open market, enhance industrial competitiveness under the guidance of the “dual circulation development dynamic”, speed up industrial transformation and upgrading, form new advantages in international competition and achieve high-quality development in machinery industry.

Liu Xin, Executive Secretary General of China-ASEAN Business Council, said the Initiative is joined by a large number of national industrial and commercial organizations which reached consensus rapidly, taking no more than a week from proposal to joint release. While publishing it at home on February 5, CABC also provided the English version for RCEP member states’ major industrial and commercial organizations and relevant government departments. The member states ought to enable the agreement to come into force as soon as possible in a bid to turn the achievements of RCEP negotiations into their economic benefits. The industrial and commercial organizations in the RCEP region and beyond are expected to strengthen friendly cooperation and work together to facilitate global economic recovery.