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Media: Hainan holds forum on regional economic partnership

The event was organized for major media outlets and expert and analytical centers of RCEP member-states

HAIKOU, May 24. /TASS/. Regional Comprehensive Economic Partnership (RCEP) Forum was held in Hainan's Haikou, reported Xinhua.

The event was organized for major media outlets and expert and analytical centers of RCEP member-states. It was also attended by diplomats and business representatives from Indonesia, China, Laos, Malaysia, Myanmar, Singapore, the Philippines, South Korea and other countries.

The forum's participants, the agency reports, agreed that RCEP embodies the concept of building a community for the common destiny of mankind, promotes regional trade, and also creates opportunities for the general economic growth of the parties to the agreement. The guests agreed that media and think tanks should play a more important role in improving understanding between the people of RCEP member-states.

The Chinese Institute for Reform and Development, together with China Daily news outlet, presented a report on high-level cooperation through the RCEP mechanism at the forum. The authors recommend promoting multilateral regional cooperation, using, in particular, the advantages of Hainan's free trade port.

The RCEP agreement was signed in November 2020 by member-states of the Association of Southeast Asian Nations (ASEAN) and the block's five largest trade and economic partners: Japan, Australia, China, New Zealand and the Republic of Korea. This agreement forms the world's largest free trade area with approximately 2.2 billion consumers and a GDP of $ 28 trillion, more than 32% of total global GDP. According to experts, by 2050, the total GDP of the RCEP countries may grow to $ 100 trillion.

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