Regional Comprehensive Economic Partnership

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The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement in the Asia-Pacific region between the ten ASEAN states (i.e. Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and five of their FTA partners—Australia, China, Japan, New Zealand, and South Korea. The 15 member countries are responsible for 30% of the world's population and 30% of global GDP, making it the largest trade bloc.[1]

It was signed at the Vietnam-hosted virtual ASEAN Summit on 15 November 2020,[2][3] and is expected to take effect within two years.[4]

References[change | change source]

  1. "India stays away from RCEP talks in Bali". Nikkei Asian Review. Jakarta. 4 February 2020. Archived from the original on 15 November 2020. Retrieved 4 February 2020.
  2. "Asia-Pacific nations sign world's largest trade pact RCEP". CNA. 15 November 2020. Archived from the original on 15 November 2020. Retrieved 15 November 2020.
  3. Ng, Charmaine (15 November 2020). "15 countries, including Singapore, sign RCEP, the world's largest trade pact". The Straits Times. Archived from the original on 15 November 2020. Retrieved 15 November 2020.
  4. "RCEP: Asia-Pacific nations sign world's biggest trade pact". www.aljazeera.com. Archived from the original on 15 November 2020. Retrieved 15 November 2020.