MANILA: The fifth RCEP Ministers' Meeting since the Regional Comprehensive Economic Partnership entered into force was held in Manila, the Philippines, where parties agreed to enhance economic resilience.
The meeting, held on Monday (Sept 22), underscored the importance of strengthening RCEP implementation, deepening trade and investment relations, and building economic resilience amid an evolving global economic landscape.
During the meeting, parties exchanged views on the current global and regional economic developments as well as the future development of RCEP.
Speaking at the meeting, Yan Dong, vice minister of commerce of China, noted that unilateralism and protectionism are now resurging, global economic growth lacks momentum, while economies face mounting uncertainties in their development prospects.
Against this backdrop, Yan said that all parties must uphold multilateralism, adhere to the vision of openness and inclusiveness, accelerate the RCEP accession process, expand and strengthen the regional cooperation platform, and actively advance the review and upgrading of the agreement.
He said these efforts can further unlock the potential of regional cooperation and inject stronger impetus into regional and global economic growth.
Earlier Monday, a consultation between China's Ministry of Commerce and Asean economic ministers was also held in Manila, focusing on the global and regional economic situation, the future direction of China-Asean economic and trade cooperation, and free trade area development, among others.
Both sides agreed to build on existing achievements to advance economic integration, promote inclusive growth, further strengthen trade and investment ties, and jointly foster the region's prosperity and development. - Xinhua
