Regional Comprehensive Economic Partnership (RCEP) agreement

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Ready to enter into force on 1 January 2022

The Association of Southeast Asian Nations (ASEAN) Secretariat on Wednesday announced that the Regional Comprehensive Economic Partnership (RCEP) agreement, the world’s largest trade deal so far, would enter into force on Jan 1, 2022.

The Secretariat has received instruments of ratification from six ASEAN countries, namely Brunei Darussalam, Cambodia, Laos, Singapore, Thailand, and Vietnam, as well as from four non-ASEAN signatory states of Australia, China, Japan, and New Zealand.

When RCEP enters into force it will be the world’s largest FTA when measured by combined GDP (26 trillion dollars), population (2.27billion) and total export value (5.2 trillion dollars) of signatory parties.

The RCEP aims to gradually reduce tariffs among the 15 member states over 20 years.

 

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