November 2020，the member states of the regional comprehensive economic partnership agreement overcame the enormous difficulties brought by COVID-19，completed the market access negotiations，and finally signed the agreement as scheduled. This is an important milestone in the process of economic integration in East Asia and even the Asia Pacific region. As a free trade agreement with the largest participation population，the most diversified membership structure and the greatest development potential in the world，the agreement is not only a landmark achievement of Asia Pacific regional cooperation，but also a victory of multilateralism and free trade. The agreement is based on the free trade agreements signed between China，Japan，South Korea and Australia，as well as New Zealand and ASEAN. It integrates the existing commitments and rules，and further expands and improves the content of the agreement，bringing impetus to the regional economic recovery in the post epidemic era. Through the agreement，China and Japan have for the first time facilitated bilateral free trade relations，providing an important institutional basis for the reconstruction of the Asian regional value chain. In the future，member countries still need to gradually build a “RCEP+” free trade agreement to further deepen the value chain cooperation in the Asia Pacific region. In the post epidemic era，with the entry into force and implementation of the agreement，many countries will regain their confidence in free trade and the multilateral trading system，and continue to promote the reform of the world trade organization，so that the global multilateral trading system can regain its vitality.