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Wan Showwan: RVIS signing is support for free trade and multilateral system

A video format ceremony was held on 15 November where the ministers of the economy of 15 countries signed the Regional Comprehensive Economic Agreement (RVIS), Radio China reported.
This was the start for the construction of the world's most populous and largest free trade area, which has the greatest potential for development. After the signing ceremony, China's Deputy Trade Minister Wan Showwan said the agreement was a support for free trade and a multilateral trading system and would help rebuild the world economy.

RVIS was prepared at the initiative of the 10 ASEAN countries, while China, Japan, South Korea, Australia, New Zealand, India are the six partners in it. The aim of the agreement is to create a single free trade market with the participation of the 16 countries.

Wan Showwan said that trade between the signatories of the RVIS countries affects 90% of their products. Finally, the duties on these goods will be reduced to 0%. In terms of trade in services, the level of opening is higher than that of the WTO.

The population, economic power and trade volume of the 15 RVIS countries occupy 30% of the world. This means that 1/3 of the world's economic power will become a single market. Wan Showwan said signing the agreement was a major event for East Asia's economic integration.

“Currently, the multilateral trading system is facing difficulties, and unilateralism and protectionism are growing. Under these conditions, the 15 real-action countries supported free trade and investment, which gives impetus for the recovery of the global economy,” Wan Shawwan added.

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