On November 15, the ten ASEAN countries, together with China, Japan, the Republic of Korea, Australia and New Zealand, formally signed the Regional Comprehensive Economic Partnership (RCEP). Thus, the free trade zone with the largest population, the most diverse membership and the greatest development potential in the world was born. As of 2018, the RCEP's 15 member countries cover about 2.3 billion people, accounting for 30% of the global population. With a combined GDP of more than $25 trillion, the region would be the world's largest free trade area. The signing of the RCEP is a major milestone in east Asia's regional economic integration process. It is understood that RCEP agreement as a modern, comprehensive, high level and reciprocal agreements, composed of preface, 20 chapters (including trade in goods, rules of origin, trade remedy, service trade, investment, e-commerce, government procurement, etc) and trade in goods, services, trade, investment, and a natural person of temporary mobile commitment list, also involves intellectual property, digital trade, finance, telecommunications and other new issues. Under the RCEP agreement, tariff reductions among member countries are mainly based on the commitment to zero tariff immediately and zero tariff within 10 years. The FREE Trade Area is expected to achieve significant progress in its phased construction in a relatively short period of time. It is worth noting that China and Japan have reached a bilateral tariff reduction arrangement for the first time, marking a historic breakthrough. In the face of the tide of anti-globalization and coVID-19, the signing of the RCEP by 15 countries is an important step for countries in the region to take concrete actions to uphold the multilateral trading system and build an open world economy. Premier Li keqiang said this is not only a landmark outcome of East Asia regional cooperation, but also a victory for multilateralism and free trade.