Regional Comprehensive Economic Partnership (RCEP) Agreement
(S,P) The Regional Comprehensive Economic Partnership (RCEP) Agreement entered into force on 1 January 2022. Access Summary + Full Text + Rules of Origin
The Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and its six FTA partners (Australia, China, India, Japan, New Zealand and Republic of Korea).
Participants
Australia,
Brunei Darussalam,
Cambodia,
China,
Japan,
Lao PDR,
New Zealand,
Singapore,
Thailand and
Viet Nam
This paves the way for the creation of the world’s largest free trade area.
The world’s largest free trade area
According to data by the World Bank, the agreement would cover 2.3 billion people or 30% of the world’s population, contribute US$ 25.8 trillion about 30% of global GDP, and account for US$ 12.7 trillion, over a quarter of global trade in goods and services, and 31% of global FDI inflows.
Korea
The RCEP Agreement will also enter into force on 1 February 2022 for the Republic of Korea. As for the remaining signatory States, the RCEP Agreement will enter into force 60 days after the deposit of their respective instrument of ratification, acceptance, or approval to the Secretary-General of ASEAN as the Depositary of the RCEP Agreement.
Integration
The entry into force of the RCEP Agreement is a manifestation of the region’s resolve to keep markets open; strengthen regional economic integration; support an open, free, fair, inclusive, and rules-based multilateral trading system; and, ultimately, contribute to global post-pandemic recovery efforts.
Market access
Through new market access commitments and streamlined, modern rules and disciplines that facilitate trade and investment, RCEP promises to deliver new business and employment opportunities, strengthen supply chains in the region, and promote the participation of micro, small and medium enterprises into the regional value chains and production hubs.
ASEAN
The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN: Indonesia, Malaysia, Philippines, Singapore and Thailand. Brunei Darussalam joined ASEAN on 7 January 1984, followed by Viet Nam on 28 July 1995, Lao PDR and Myanmar on 23 July 1997, and Cambodia on 30 April 1999, making up what is today the ten Member States of ASEAN.
https://asean.org/rcep-agreement-enters-into-force/
Summary
Summary-of-the-RCEP-Agreement
.pdf
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Full Text
RCEP Agreement in Full
.pdf
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Rules of Origin
Chapter-3 - Rules of Origin
.pdf
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Rules of Origin - Product Specific
RCEP - Chapter-3-Annex-3A - Product Speicfic Rules
.pdf
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Rules of Origin - Minimum Information
RECP - Chapter-3-Annex-3B - Minimum Information
.pdf
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Summary By European Parliament
Summary of the RCEP by European Parliament
.pdf
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