Regional Comprehensive Economic Partnership (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

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