KCCI "Sincerely Welcome Participation in the World's Largest RCEP"

Chairman Son Kyung-sik of the Korea Employers Federation./Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kiho Sung] The Korea Employers Federation (KEF) has expressed a welcoming stance on the government's signing of the Regional Comprehensive Economic Partnership (RCEP).

On the 15th, KEF stated in a press release, "The business community sincerely welcomes South Korea's signing of the world's largest RCEP."

It added, "Due to the COVID-19 pandemic, protectionism has intensified worldwide. For a country like ours with high external dependence, participation in this agreement is expected to play an important role in minimizing economic damage caused by the contraction of global trade and revitalizing the economy."

KEF also said, "In particular, this agreement involves 15 participating countries in the ASEAN and Pacific regions, with a combined population of 2.26 billion and accounting for 30% of the world's GDP. It is expected to significantly reduce trade barriers, which will greatly strengthen the global competitiveness of domestic companies."

Finally, KEF stated, "The business community hopes that the conclusion of this agreement will serve as an opportunity for countries worldwide to jointly overcome the COVID-19 pandemic crisis through the expansion of free trade and to broaden cooperation across all fields including economy, society, and culture."

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