On January 1, 2022, the "Regional Comprehensive Economic Partnership Agreement" (RCEP) formally came into effect. Six ASEAN member states including Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam, and four including China, Japan, New Zealand, and Australia. Non-ASEAN member states officially began to implement the agreement.
After 8 years of negotiations, the RCEP was signed on November 15, 2020. After the joint efforts of all parties, the entry into force threshold will be reached on November 2, 2021. The effective implementation of RCEP marks the official landing of a free trade zone with the world’s most populous, largest economic and trade scale, and the most potential for development. It fully reflects the confidence and determination of all parties to jointly safeguard multilateralism and free trade and promote regional economic integration. It has made important contributions to regional and global trade and investment growth, economic recovery and prosperity.
Huazheng Electric has many customers from RCEP member countries. We will continue to pay attention to relevant developments and in-depth cooperation with customers in these countries on power testing equipment.