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Regional Comprehensive Economic Partnership
The Regional Comprehensive Economic Partnership (RCEP /ˈɑːrsɛp/ AR-sep) is a free trade agreement among the Asia-Pacific countries of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. The 15 member countries account for about 30% of the world's population (2.2 billion people) and 30% of global GDP ($29.7 trillion), making it the largest trade bloc in history. Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia (excluding India), including China, Indonesia, Japan, and South Korea.
The RCEP was conceived at the 2011 ASEAN Summit in Bali, Indonesia, while negotiations formally launched during the 2012 ASEAN Summit in Cambodia. India, which took part in the initial negotiations but later decided to opt out, was invited to join the bloc at any time. Any other country or separate customs territory in the region can accede to the pact from 1 July 2023 onward. The treaty was formally signed on 15 November 2020 at the virtual ASEAN Summit hosted by Vietnam. For the first ten ratifying countries, the trade pact took effect on 1 January 2022.
The RCEP includes a mix of high-, middle-, and low-income countries. It is expected to eliminate about 90% of the tariffs on imports between its signatories within 20 years of coming into force, and establish common rules for e-commerce, trade, and intellectual property. Several analysts predicted that it would offer significant economic gains for signatory states, boost post-pandemic economic recovery, as well as "pull the economic centre of gravity back towards Asia, with China poised to take the lead in writing trade rules for the region," leaving the United States behind in economic and political affairs in the region. Reactions from others were neutral or negative, with some analysts saying that the economic gains from the trade deal would be modest.
1 There were concerns expressed by the ASEAN Secretariat on the legitimacy of ratification by the then-Burmese parliament. A Thai secretary also pointed that while the Myanmar government have ratified, the Thai government is concerned about the legitimacy of the Myanmar government after the 2021 coup d'état, and whether it could meet the five-point agreement with ASEAN. Due to these concerns, Myanmar's instrument of ratification did not show on the ASEAN official website; instead Myanmar trade officials suggest that the other ASEAN members should determine whether they can accept Myanmar's ratification by themselves, and then announce their decision to the ASEAN Secretariat. Neverless, the China General Administration of Customs announced that the RCEP would enter into force between China and Myanmar on 1 May 2022.
The trade agreement is open for new members 18 months after the partnership came into force. The following countries have applied for accession into the partnership:
Potential applicants:
The following countries have been subject to media attention surrounding their potential involvement in the RCEP:
RCEP aims to lower tariffs, increase investment, and facilitate freer movement of goods around the region. It includes unified rules of origin throughout the bloc, which may facilitate international supply chains and trade within the region. It also prohibits certain tariffs. It does not focus on labour unions, environmental protection, or government subsidies.
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Regional Comprehensive Economic Partnership
The Regional Comprehensive Economic Partnership (RCEP /ˈɑːrsɛp/ AR-sep) is a free trade agreement among the Asia-Pacific countries of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. The 15 member countries account for about 30% of the world's population (2.2 billion people) and 30% of global GDP ($29.7 trillion), making it the largest trade bloc in history. Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia (excluding India), including China, Indonesia, Japan, and South Korea.
The RCEP was conceived at the 2011 ASEAN Summit in Bali, Indonesia, while negotiations formally launched during the 2012 ASEAN Summit in Cambodia. India, which took part in the initial negotiations but later decided to opt out, was invited to join the bloc at any time. Any other country or separate customs territory in the region can accede to the pact from 1 July 2023 onward. The treaty was formally signed on 15 November 2020 at the virtual ASEAN Summit hosted by Vietnam. For the first ten ratifying countries, the trade pact took effect on 1 January 2022.
The RCEP includes a mix of high-, middle-, and low-income countries. It is expected to eliminate about 90% of the tariffs on imports between its signatories within 20 years of coming into force, and establish common rules for e-commerce, trade, and intellectual property. Several analysts predicted that it would offer significant economic gains for signatory states, boost post-pandemic economic recovery, as well as "pull the economic centre of gravity back towards Asia, with China poised to take the lead in writing trade rules for the region," leaving the United States behind in economic and political affairs in the region. Reactions from others were neutral or negative, with some analysts saying that the economic gains from the trade deal would be modest.
1 There were concerns expressed by the ASEAN Secretariat on the legitimacy of ratification by the then-Burmese parliament. A Thai secretary also pointed that while the Myanmar government have ratified, the Thai government is concerned about the legitimacy of the Myanmar government after the 2021 coup d'état, and whether it could meet the five-point agreement with ASEAN. Due to these concerns, Myanmar's instrument of ratification did not show on the ASEAN official website; instead Myanmar trade officials suggest that the other ASEAN members should determine whether they can accept Myanmar's ratification by themselves, and then announce their decision to the ASEAN Secretariat. Neverless, the China General Administration of Customs announced that the RCEP would enter into force between China and Myanmar on 1 May 2022.
The trade agreement is open for new members 18 months after the partnership came into force. The following countries have applied for accession into the partnership:
Potential applicants:
The following countries have been subject to media attention surrounding their potential involvement in the RCEP:
RCEP aims to lower tariffs, increase investment, and facilitate freer movement of goods around the region. It includes unified rules of origin throughout the bloc, which may facilitate international supply chains and trade within the region. It also prohibits certain tariffs. It does not focus on labour unions, environmental protection, or government subsidies.