The Regional Comprehensive Economic Partnership (RCEP) agreement is now in full effect for all 15 of its members, including China, Japan, South Korea, Australia, and New Zealand. The agreement, which was signed in 2020, is the world’s largest free trade pact and covers roughly 30% of the world’s GDP and population.
The full implementation of RCEP is seen as a major step forward for regional economic integration. The agreement is expected to boost trade and investment within the region, and to help to create jobs and promote economic growth.
In China, for example, trade with other RCEP members increased by 7.5% in 2022, and RCEP investment in China rose by 23.1%. Other member countries have also seen benefits from the agreement. Thailand’s trade with other RCEP members rose by 7.11% in 2022, and Cambodia’s exports to RCEP countries surged by 16%.
The RCEP is also seen as a way to promote global economic development. The agreement is expected to help to reduce trade barriers and to create a more open and integrated global economy.
As the RCEP agreement enters its full implementation phase, China and other members are committed to working together to ensure that the agreement is successful. They will continue to promote trade and investment, and to work to create a more prosperous and integrated region.
Here are some of the benefits of RCEP:
- Increased trade: RCEP is expected to boost trade within the region by up to 20%. This will create new opportunities for businesses and consumers, and will help to promote economic growth.
- Increased investment: RCEP is expected to attract more investment into the region. This will create jobs and help to boost economic growth.
- Reduced barriers to trade: RCEP will reduce or eliminate tariffs on most goods traded between member countries. This will make it easier for businesses to trade with each other, and will help to lower prices for consumers.
- Improved rules for trade: RCEP will establish rules for trade in goods, services, investment, and intellectual property. This will help to create a more predictable and stable business environment.
Overall, RCEP is a major step forward for regional economic integration. The agreement is expected to boost trade, investment, and economic growth in the region.