RCEP a boon to access and attractiveness for developing economies as investment destinations
With ongoing global health and economic crisis, the agreement can help ensure an unimpeded flow of essential goods within the region
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
THE Regional Comprehensive Economic Partnership (RCEP) - the world's largest free trade agreement (FTA) - finally entered into force on New Year's Day, having been ratified by 10 of its 15 signatories so far.
The agreement needed 8 long years of negotiations and was signed in 2020 in Hanoi by all 10 Asean member states - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - as well as Australia, China, Japan, South Korea and New Zealand.
The RCEP covers a market of around 2.2 billion people and about US$26.2 trillion of global output. It covers 30 per cent of the world's total gross domestic product (GDP), trade and population.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Beijing’s calculated silence on the Iran war
Middle East-linked energy supply shocks put Asean Power Grid back in focus
