Recently, Xu Ningning, executive president of the China-ASEAN Business Council, said in an interview with reporters that industry is the foundation of economic growth. The industries of RCEP member countries are highly complementary, with wide cooperation space and great potential. The pandemic has brought a major impact on the economies of various countries, and it has also brought opportunities for regional economic industrial restructuring and innovative development. Focusing on strengthening industrial docking and cooperation is an important task in the current RCEP construction.
RCEP member countries have conditions for industrial cooperation. It occupies a pivotal position in the global industrial chain. There are the world's largest (China), third (Japan) and fifth (South Korea) manufacturing powers, and the combined industrial output value accounts for more than 50% of the world. The development of RCEP member industries is diversified and highly complementary, covering all links in the entire industrial chain from raw materials, intermediate parts and components to final product assembly.
Before and after RCEP takes effect, industrial cooperation is directly related to the results of RCEP’s open cooperation. RCEP countries negotiate and sign agreements, mainly for institutional arrangements and establishing new production relations. To achieve the goal of liberating productivity and promoting economic growth, one of the important links is industrial cooperation. Through industrial docking and cooperation, trade creation and expansion of trade scale are promoted. Promote two-way investment, promote industrial restructuring and industrial upgrading, and drive economic growth through industrial upgrading.
The current RCEP construction cannot wait for countries to complete their domestic approval procedures. One of the key points for countries in fulfilling their domestic approval procedures is that some national industries are worried that some industries will be impacted after the market is opened. The industrial docking and cooperation between relevant countries can reduce the potential for industrial enterprises to open the market. The fear of shocks will help countries complete the implementation of domestic approval procedures as soon as possible.
