he ratification of New Zealand yesterday, together with Australia, triggered the entry into force of what will become the world’s largest free trade agreement and further accelerate our economic recovery under COVID,” Twyford said in a statement.
According to the official website of the Regional Comprehensive Economic Partnership (RCEP), the deal covers a market of 2.2 billion people with a total of 26.2 trillion US dollars or 30% of world GDP. The participants are the 10 members of the Association of Southeast Asian Nations (ASEAN) and their five partners in free trade agreements: Australia, China, Japan, New Zealand and South Korea.
“Businesses will be able to take advantage of RCEP‘s opportunities from the beginning of next year,” the minister said.
RCEP accounts for more than half of New Zealand‘s exports. In particular, the agreement provides for a single set of rules for trade and investment throughout the RCEP region. Read More.