How the Regional Comprehensive Economic Partnership (RCEP) Agreement goes

How the Regional Comprehensive Economic Partnership (RCEP) Agreement goes

Vietnam, ASEAN – The Regional Comprehensive Economic Partnership (RCEP) Agreement was signed on 15 November 2020 by and between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and its five FTA partners (Australia, China, Japan, New Zealand and Republic of Korea). This Agreement has officially entered into force since 1 January 2022, paving the way for the creation of the world’s largest free trade area. The RCEP Agreement has also entered into force since 1 February 2022 for the Republic of Korea.

The RCEP Agreement has been expected to multilateralise free trade agreements that ASEAN signed with partner countries, harmonise commitments and regulations in the trade pacts, maximise economic interests, particularly origin principle and trade facilitation, and strengthen regional supply chains and economic recovery in the post-pandemic period. According to data by the World Bank, the Agreement would cover 2.3 billion people or 30% of the world’s population, contribute US$ 25.8 trillion about 30% of global GDP, and account for US$ 12.7 trillion, over a quarter of global trade in goods and services, and 31% of global FDI inflows. The ASEAN Secretariat remains committed to support the RCEP process in ensuring its effective and efficient implementation.

Please do not hesitate to contact us for further discussion on the RCEP Agreement and its practice.

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