27 Business Associations Of RCEP Member Countries Including China Textile Federation Issued An Initiative To Jointly Safeguard The Multilateral Trading System

On April 26, 27 business associations from the member countries of the Regional Comprehensive Economic Partnership Agreement (RCEP), including the China Textile Industry Federation In the name of the regional industrial chain supply chain cooperation alliance, jointly released the Joint Initiative on Jointly Maintaining the Multilateral Trade System and the Stability of the Industrial Chain Supply Chain, calling on the alliance members to enhance consensus, gather strength, jointly strengthen regional cooperation, jointly maintain the stability of the regional industrial chain supply chain, jointly maintain the multilateral trade system, and help build an open, free, rule-based An inclusive global economic and trade system.

The signing and entry into force of RCEP is a major milestone in regional economic integration, which fully reflects the firm determination of regional countries to adhere to multilateralism and free trade. In the current specific context, the implementation of RCEP has become an important driving force to deal with trade protectionism and promote regional economic integration, which is even more precious.

The RCEP Regional Industrial Chain Supply Chain Cooperation Alliance issued the Joint Initiative on Jointly Maintaining the Multilateral Trade System and the Stability of the Industrial Chain Supply Chain as follows:

At present, the tension in global trade will endanger the stability of the global industrial chain supply chain, hit the global economy, and pose serious challenges to the industrial development and economic cooperation in the RCEP region. On behalf of 15 member countries and observer economies, the RCEP Regional Industrial Chain Supply Chain Cooperation Alliance solemnly issues the following joint initiatives based on the purposes and achievements of RCEP:

First, we should jointly strengthen intra regional cooperation. We are committed to high-quality implementation of RCEP, and rely on the stable rules, clear guidance and other deterministic factors of the RCEP regional cooperation framework to enhance regional economic resilience. The Alliance calls on governments, enterprises and all sectors of society in the region to work together, adhere to the principle of "openness, inclusiveness, mutual benefit and win-win", jointly address the adverse effects of global trade tensions, and contribute to maintaining the stability of the regional industrial chain supply chain and promoting the healthy development of the global economy.

Second, jointly maintain the stability of the regional industrial chain supply chain. The Alliance encourages enterprises to rely on their respective comparative advantages, make full use of the rules of the RCEP agreement, optimize the layout of the industrial chain supply chain in the region, promote coordinated development, and form a more secure, stable, unimpeded, efficient, open, inclusive, and mutually beneficial regional industrial chain supply chain system.

Third, jointly safeguard the multilateral trading system. The Alliance firmly supports an open, fair, transparent, equitable, non discriminatory, inclusive and rule-based multilateral trading system with the WTO at its core. Strengthen communication and coordination with other countries and regions through multilateral, regional and bilateral channels to maintain the global trade order.

The members jointly issuing the initiative are: China Chamber of Commerce for Foreign Contracting Projects, China Textile Industry Federation, China Chamber of Commerce for the Import and Export of Medicines and Health Products, Guangxi Federation of Overseas Chinese Merchants, China Chamber of Commerce for International Cooperation in Private Economy, Brunei Chinese Enterprises Association, Brunei Guangxi General Chamber of Commerce, Cambodia (Nanning) Business Center, Cambodia Hong Kong and Macao Overseas Chinese Merchants Association, Indonesia China General Chamber of Commerce India China Business Council, Laos China Chamber of Commerce, Malaysian Guangxi Chamber of Commerce, Malaysia China Friendship Association, Malaysia "Belt and Road" Committee, China Malaysia Chamber of Commerce Guangdong Office, China Malaysia Chamber of Commerce, Myanmar Guangxi Chamber of Commerce, Myanmar China Chamber of Commerce, China Philippines Chamber of Commerce, China Singapore Chamber of Commerce, Vietnam China Chamber of Commerce Preparatory Committee of China Vietnam Chamber of Commerce, Hanoi Logistics Association of Vietnam, Korean Chinese Chamber of Commerce, Australian Chinese Federation of Trade Unions, New Zealand Overseas Chinese Federation.

(Source: China News Network)