A trade pact 10 years in the making: 5 things to know about RCEP

November 15, 2020 The Straits Times 0 Comments

Almost 10 years after it was conceived at the Asean Summit in Bali in 2011, the world’s largest trade pact – the Regional Comprehensive Economic Partnership (RCEP) – is set to be signed today.

Involving the 10 Asean members, plus China, Japan, South Korea, Australia and New Zealand, the RCEP covers nearly one-third of the world’s population, and contributes around 30 per cent of its gross domestic product (GDP).

It will eliminate as much as 90 per cent of the tariffs on imports between its parties within 20 years of coming into effect, and will improve market access for goods and services within the region. Read More.

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