Appeal of multilateralism and free trade prevails

Chile's application to join the Regional Comprehensive Economic Partnership agreement demonstrates the appeal of the RCEP as the world's largest free trade framework. It also shows that multilateralism is still widely recognized by countries.

Against the headwinds of unilateralism and protectionism, multilateral trade mechanisms such as the RCEP have played a prominent role in promoting global economic recovery and maintaining economic globalization.

Since the RCEP came into effect in 2022, it has significantly promoted open cooperation in the region and stimulated the vitality of regional economic development. Data indicate that in 2023, intra-regional trade in the RCEP region reached $5.6 trillion, attracting a total of $234.1 billion in greenfield investment.