Business leaders hail signing of world's largest free-trade pact, with tech boost and investment boom seen for various business sectors. Zhou Mo and Chai Hua report from Shenzhen.

The Guangdong-Hong Kong-Macao Greater Bay Area can expect a big leap in its bid to become a modern-industry hub and global center for innovation and technology, propelled by the world's largest free-trade zone.

Business leaders and experts say the Regional Comprehensive Economic Partnership, inked on Nov 15 by 15 Asia-Pacific nations, including three of Asia's four largest economies with the exception of India, will create new opportunities of growth for various sectors in the region.

The pact was signed at the virtual summit of the Association of Southeast Asian Nations in Hanoi, capital of Vietnam, by the 10 member states of the regional grouping, as well as China, Japan, South Korea, Australia and New Zealand, which together account for nearly 30 percent of the world's population and global GDP, respectively.

Capital inflow
The effects of the trade pact will be mainly seen in two aspects - trade and investment - said Mao Yanhua, professor at the Institute of Guangdong, Hong Kong and Macao Development Studies and associate dean of the Institute of Free Trade Zones at Sun Yat-sen University in Guangzhou.

"From the trade perspective, the RCEP, which will greatly promote international trade, will help strengthen the Bay Area's position as an international trade and shipping center. From the aspect of investment, more foreign investors will venture into the Bay Area under the agreement, creating increased opportunities in the region's manufacturing industry," he said.

The deal will also help the region in building itself into a global technology and innovation hub.

"Through the agreement, the Bay Area could give better play to its unique advantages to attract outstanding technological enterprises and talents in other member countries to the area. This will require further liberalization of cross-border trade in services so as to facilitate cross-border flow of high-end technological and innovative resources," he said.

Zhang Yansheng, chief researcher at the China Center for International Economic Exchanges, said the accord presents huge growth opportunities, making the Bay Area the RCEP zone's comprehensive hub for cargo, services, digitalization industries and green trade.