Covers trade in goods, trade in services, investment, temporary movement of individuals, economic and technical cooperation, electronic commerce, intellectual property, government procurement, competition, and small and medium-sized enterprises.This makes RCEP the first trade agreement between China, Japan, and South Korea - three of the largest economies in Asia - and one of the first multilateral trade agreements signed by China.Īccordingly, the RCEP is a move towards greater economic integration in Asia, achieving a single set of rules for trade across all 15, very diverse, developed, and developing economies. The RCEP framework is based on existing trade agreements signed by the Association of Southeast Asian Nations (ASEAN) and effectively combines them into a single agreement that also includes Australia, China, Japan, New Zealand, and South Korea. The RCEP will account for 30% of the world’s population and 30% of global GDP. Once ratified, the newly created trading bloc will be the largest in the world by both population and economic size, exceeding both the European Union and the US–Mexico–Canada Agreement. RCEP is a trade agreement signed by Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Thailand, and Vietnam on 15 November 2020. The new framework presents economic opportunities for many countries, including those outside the Asia-Pacific region, and provides the United Kingdom and its private sector new opportunities in a post-Brexit economy.
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That agreement, the subject of negotiations since 2012, is expected to shape the Asia-Pacific economy in the decades ahead by establishing a single set of harmonised and predictable trading rules applicable across developed and developing economies in the region. The bloc, accounting for 30% of the world’s population and 30% of global GDP, is larger than the European Union.Īs the United Kingdom continues to negotiate trade agreements with the European Union and other trading partners, 15 Asia-Pacific countries recently signed a new multilateral trade agreement named the Regional Comprehensive Economic Partnership (RCEP). Home > Commercial > 15 Asia-Pacific Countries Form New Trading Bloc 15 Asia-Pacific Countries Form New Trading Blocīy Latham & Watkins LLP on NovemPosted in Commercial