- RCEP is a free trade agreement concluded between 15 countries in the Asia-Pacific region - 10 ASEAN countries and their six FTA partners, namely Australia, China, India, Japan, Korea and New Zealand.
- The 15 member countries account for about 30% of the world's population and 30% of global GDP, making it the world's biggest trade bloc in history.
- The RCEP is the first free trade agreement between China, Japan, and South Korea.
- The trade pact, which includes a mix of high-income, middle-income, and low-income countries, was conceived at the 2011 ASEAN Summit in Bali, Indonesia, while its negotiations were formally launched during the 2012 ASEAN Summit in Cambodia.
- It was expected to eliminate about 90% of the tariffs on imports between its signatories within 20 years of coming into force, and establish common rules for e-commerce, trade, and intellectual property.
- It was signed on 15 November 2020 at a virtual ASEAN Summit hosted by Vietnam, and will take effect within two years, after it has been ratified by the member countries.
Signatories of RCEP
All ten members of ASEAN
All three additional East Asian members of ASEAN Plus Three
- South Korea
Two additional Oceanian members
- New Zealand