On November 15, 2020, RCEP was officially signed, becoming the largest free trade agreement in the world. The head of the International Department of the Ministry of Commerce stated on March 22 that China has now completed the approval of the Regional Comprehensive Economic Partnership Agreement, the RCEP Agreement, and has become the first country to ratify the agreement. In addition, Thailand has also ratified the agreement. All member states of RCEP have stated that they will ratify the agreement before the end of 2021 and promote the agreement to enter into force on January 1, 2022.

RCEP is a super large free trade zone leading the world in various indicators. The 15 member states have a total population of 2.27 billion, a GDP of 26 trillion US dollars, and a total export value of 5.2 trillion US dollars, each accounting for about 30% of the global total.

On November 15, 2020, RCEP was officially signed. Yu Benlin said that in terms of promoting the agreement's entry into force, there is a process for trade agreements from signing to entry into force. Some countries require government approval to enter into force, while others require Congress to approve to enter into force.

"At present, China has completed the approval and has become the first country to ratify the agreement. Thailand has also ratified the agreement. In 2021, the member parties will convene intensive meetings to report the progress of their respective approvals." Yu Benlin introduced that the Ministry of Commerce and relevant departments have sorted out the agreement. 701 binding obligations of the Chinese side are involved. "Through the efforts of various departments, preparations for implementation of Article 613 have been completed, accounting for 87% of all obligations. Other items can also be prepared before the implementation of the agreement. China can fully fulfill its obligations when the agreement comes into force."

The agreement is accelerating its implementation under the efforts of various countries. In terms of promoting the implementation of the agreement, Yu Benlin emphasized that it is necessary to take the implementation as an opportunity to expand opening to the outside world and deepen domestic reforms. Domestic related industries and enterprises should seize the opportunity to achieve greater development while responding well. Fully prepared for competition and challenges. Editor/Xu Shengpeng