We have more confidence in the prospects of regional cooperation

2022-08-04 0 By

The Regional Comprehensive Economic Partnership (RCEP) entered into force on January 1 for 10 countries including Laos and China, February 1 for the REPUBLIC of Korea, and March 18 for Malaysia.RCEP is strengthening economic and trade ties among countries in the region, enabling member countries to draw on each other’s strengths in manufacturing, agriculture and other areas to improve the well-being of their people.The RCEP was formally signed in November 2020 at a time when the COVID-19 pandemic was exacerbating global economic uncertainty.As the world’s largest free trade agreement,RCEP covers not only about one-third of the global economy, but also two supermarkets with great growth potential — The Chinese market with more than 1.4 billion people and the ASEAN market with more than 600 million people.Its entry into force will give a strong boost to regional economic recovery.In the future, with the emerging role of RCEP, ASEAN’s centrality in regional cooperation will be further strengthened and the building of the FTAAP will gain new impetus.The speedy completion of the RCEP approval process by the Lao government shows its firm support for promoting regional economic recovery and strengthening economic and trade ties with its partners.The effective implementation of the RCEP will increase export opportunities for Laotian goods, lower prices of imported products, promote employment in Laos, improve the business environment in Laos and enhance trade and investment facilitation.As regional economic integration continues to advance, Laos will have closer economic and trade ties with other RCEP members.For Laos, whose main export products are coffee, rice and wood products,RCEP means a broader export market, which is great news for Lao businesses and people.Lao enterprises will enjoy more favorable development conditions and their products will be able to enter the markets of other member states at lower cost and with higher efficiency.At the same time, exports from other member countries to Laos will become richer and cheaper.Lao people will be able to easily buy their favorite daily products at their doorstep.Driven by RCEP, Laos’ cooperation with China will gain new impetus.China is a major export market for Laos’ agricultural products, and the RCEP’s formal entry into force will boost agricultural trade between the two countries.As an important infrastructure for regional connectivity, laos-china railway has already been opened.The combination of RCEP and laos-china railway can effectively reduce the cost of goods trade between the two countries.Seeing the great opportunities brought by the RCEP and the laos-china railway, the Lao government is actively mobilizing more potential Lao agricultural exports.The Lao people are more confident in the prospect of regional cooperation, and many Lao businesses are working hard to find business opportunities.The Asia-Pacific region is the most dynamic and promising region in the world.The entry into force of the RCEP shows that despite the challenges posed by the epidemic, the Asia-Pacific remains committed to open development and will usher in a bright future through cooperation.(The writer is a member of the Central Committee of the Lao National Front and president of the Lao Chinese Chamber of Commerce)