Asia’s Regional Comprehensive Economic Partnership Will Reshape Trade
11 May 2021
After eight years of negotiations, 15 Asian countries signed the world’s largest free trade agreement — the Regional Comprehensive Economic Partnership (RCEP) — on November 15, 2020.
Consisting of the Association of Southeast Asian Nations’ (ASEAN) 10 member states, China, Japan, South Korea, Australia, and New Zealand, RCEP aims to establish a comprehensive economic partnership guided by a common set of rules and standards, lowered trade barriers, streamlined processes and improved market access.
For investors, the agreement will deliver substantial new trade and investment opportunities within participating countries — covering roughly 30% of global GDP (US$26.2 trillion) and 30% of the world’s population.