It stands to become the world's largest economic trading bloc. The Regional Comprehensive Economic Partnership kicked off its 27th round of negotiations this week in the central Chinese city of Zhengzhou. Free trade and further cooperation are among the hot topics, but can member countries reach all of their goals in this changing world? CGTN's Xia Ruixue reports.

A warm welcome from the governor of central China's Henan Province, the site of the 27th round of negotiations for the Regional Comprehensive Economic Partnership, or RCEP.

China is hosting the negotiations for the first time since the RCEP's launch in 2012. Trade officials from 16 nations across the Asia-Pacific region are discussing terms of promoting free trade during the 10-day session.

RCEP negotiations have progressed quickly in recent years. Experts say that they have produced remarkable results in the past. As the host country, China will continue to stand for dialogue, cooperation and positive outcomes and prepare for the conclusion of negotiations at the end of this year. If completed, the deal would create the world's largest economic trading bloc, accounting for 39 percent of global GDP.

CHEN RUNER GOVERNOR OF HENAN PROVINCE "We're witnessing major world changes, some not seen in a century. However, economic globalization is an inevitable and irreversible trend of our times. It's a world consensus."

In June, the 34th summit of the Association of Southeast Asian Nations was held in Bangkok. During the summit, ASEAN countries reiterated their strong commitment to concluding RCEP negotiations within 2019 to reinvigorate international trade and maintain ASEAN credibility and centrality.

XIA RUIXUE ZHENGZHOU "Following the negotiations, an RCEP ministerial conference will be held August second and third in Beijing. The Ministry of Commerce says China will make efforts to finalize the negotiations before the end of the year. Xia Ruixue, CGTN, Zhengzhou, Henan province."