The Regional Comprehensive Economic Partnership

The Regional Comprehensive Economic Partnership (RCEP) was initiated by ASEAN in 2012 and has taken eight years to formulate by the 15-member ASSOCIATION of Southeast Asian Nations (ASEAN), including China, Japan, Korea, Australia and New Zealand.

After the RCEP comes into effect, it will become a free trade zone with the largest participating population, the most diverse membership structure and the greatest development potential in the world, as well as the largest free trade zone in the world.

Characteristics of the RCEP

Significance of signing the RCEP

The existing 15 member countries of RCEP, their total population, economic volume and total trade volume account for about 30% of the global total, which means that about one-third of the world's economic volume forms an integrated large market!

As a whole, the number of products with zero tariffs on trade in goods exceeds 90%. The level of openness to trade in services and investment is significantly higher than the original "10+1" free trade agreement.

Effective time

On January 1, 2022, the Regional Comprehensive Economic Partnership (RCEP) came into effect. Six ASEAN member states, including Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam, and four non-ASEAN member states, including China, Japan, New Zealand, and Australia, have officially started implementing the agreement.

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