DFDL, Nov. 17, 2020
On 15 November 2020, leaders of the ASEAN Member States, Australia, China, Japan, Republic of Korea and New Zealand witnessed the signing of the Regional Comprehensive Economic Partnership (“RCEP“) Agreement.
The RCEP Agreement marks ASEAN’s biggest free trade pact to date, covering a market of 2.2 billion people with a combined size of US$26.2 trillion.
What is the RCEP Agreement?
The RCEP Agreement is an agreement to broaden and deepen ASEAN’s engagement with Australia, China, Japan, Republic of Korea and New Zealand. Together, the RCEP participating countries account for approximately 30% of global GDP and 30% of the world’s population. The objective of the RCEP Agreement is to establish a modern, comprehensive, high-quality and mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment and contribute to global economic growth and development. Accordingly, it will bring about market and employment opportunities to businesses and people in the markets covered. The RCEP Agreement will work alongside and support an open, inclusive and rules-based multilateral trading system.
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