RCEP
- 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
- Brunei
- Cambodia
- Indonesia
- Laos
- Malaysia
- Myanmar
- Philippines
- Singapore
- Thailand
- Vietnam
All three additional East Asian members of ASEAN Plus Three
- China
- Japan
- South Korea
Two additional Oceanian members
- Australia
- New Zealand