Which 10 countries have RCEP entering into force for them today?

Question

Accepted Answer

RCEP Agreement Enters into Force for Ten Participating Nations

The Regional Comprehensive Economic Partnership (RCEP) agreement has officially come into effect today for ten of its participating countries, establishing the world's largest free trade area. These nations include Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, and Vietnam, as confirmed by the Asean Secretariat. The agreement's implementation marks a significant step towards greater economic integration within the region.
Key Nations Commence RCEP Implementation

As of today, the RCEP agreement's provisions are legally binding for Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, and Vietnam. This collective action signifies the formal commencement of a trade pact designed to streamline commerce and foster deeper economic ties among its members. The Asean Secretariat has been instrumental in coordinating the ratification process for these initial ten signatories.
Global Economic Significance of RCEP

The RCEP mega trade pact represents a substantial portion of the global economy, with the 15 participating countries collectively holding an estimated gross domestic product (GDP) of US$25.8 trillion. This figure accounts for approximately 30 per cent of the world's total GDP. Furthermore, the agreement encompasses US$12.7 trillion in global trade of goods and services, which is over a quarter of all international trade, and captures 31 per cent of worldwide foreign direct investment inflows.
Objectives of the RCEP Agreement

The Asean Secretariat has emphasized that the entry into force of RCEP is a clear demonstration of the region's commitment to maintaining open markets and reinforcing economic integration. The agreement aims to foster a free, fair, and rules-based multilateral trading system. It is expected to facilitate trade and investment through new market access commitments and modernised rules, thereby creating business and employment opportunities, strengthening supply chains, and promoting the involvement of micro, small, and medium enterprises in value chains.

Reading history

Hide →

This history is cleared when the page is closed.

Which 10 countries have RCEP entering into force for them today?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends