Shamshad Akhtar, former undersecretary-general of United Nations Economic and social commission of the Asia and Pacific, delivers a video speech at the Boao Forum for Asia Annual Conference 2022. [Photo/boaoforum.org]

The Asia-Pacific has been a leader, whether fighting against the negative sentiments of unilateralism, trade protectionism or economic nationalism, which have been on the rise in the West. Asia has been very steadfast, and it has now become a voice on the benefits of globalization and multilateralism.

In this backdrop, it's important to recognize Asia is not new to regional trade agreements. In fact, recent trade agreements within Asia account for almost half the total agreements for international trade.

RCEP is not going to be business as usual. It brings out the rules of origin trade in services, investment, trade facilitation, intellectual property rights, e-commerce and other cooperation.