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RCEP successfully signed – promote regional free trade integration, boost global economic development
PWC 2020-12-07
After being initiated by ASEAN in 2012, the “Regional Comprehensive Economic Partnership Agreement"" (RCEP) was signed between fifteen Asia Pacific countries on 15 November 2020, after 8 years and 31 rounds of formal negotiations. The members include China, Australia, Japan, South Korea, New Zealand and the ten Member States of ASEAN. The member states of ASEAN are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
When RCEP enters into force, it will be the world’s largest free trade agreement (FTA) when measured by combined GDP (26 trillion dollars), population (2.27 billion) or total export value (5.2 trillion dollars) of signatory parties.
In general, RCEP adds to the four “ASEAN+1” free trade agreements (FTAs) that ASEAN already has with China, Japan, South Korea and Australia and New Zealand, as well as the many existing bilateral free trade agreements (FTAs) between RCEP members. In addition, the RCEP constitutes a free trade agreement between China-Japan and Japan-South Korea.
The establishment of RCEP may have a profound impact on the Asia-Pacific region. Multinational companies should be looking to make arrangements ahead of its implementation, to maximize the benefits provided by the RCEP.
| 이전글 | 汽车行业2020年11月重卡销量点评：11月重卡销量同比+26% 累计已超150万辆 | 2020-12-08 |
|---|---|---|
| 다음글 | Regulatory update for China's new energy vehicles market | 2020-12-07 |
