The Regional Comprehensive Economic Partnership ("RCEP") Agreement has entered into force on 1 January 2022, following the ratification of the Agreement by 10 Parties – Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, and Vietnam.
The RCEP Agreement is a comprehensive and mutually beneficial economic partnership that builds on existing bilateral agreements between the Association of Southeast Asian Nations (ASEAN) and its Free Trade Agreement ("FTA") partners. The RCEP Agreement is the largest FTA to date, covering about 30% of global Gross Domestic Product (US$26 trillion) and 30% of the world's population.
The key benefits under the RCEP Agreement span the following areas:
- Trade in goods;
- Non-tariff measures provisions;
- Rules of origin;
- Customs procedures and trade facilitation;
- Trade in services;
- Investment;
- Electronic commerce;
- Intellectual property;
- Competition; and
- Government procurement.
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