Economic integration

Regional Comprehensive Economic Partnership (RCEP) to deepen Pacific economic integration

LONDON, November 20, 2020 / PRNewswire / – Enabled November 15, 15 the countries signed the Regional Comprehensive Economic Partnership (RCEP). This trade and investment agreement will cover around 30% of the world in terms of GDP and population. Over time, this should lead to a deeper integration of regional supply chains and Eastern economies and South East Asia, stimulate trade and productivity.

RCEP expands and links a number of existing trade agreements into a multilateral partnership covering most of the major economies in the world. Asia Pacific Region. It includes all members of the Association of Southeast Asian Nations (ASEAN) (Indonesia, Thailand, Malaysia, Singapore, The Philippines, Vietnam, Burma, Cambodia, Laos and Brunei), more China, Japan, South Korea, Australia, and New Zealand. In particular, it does not currently understand India.

In some areas – tariff reduction, e-commerce, and state-owned enterprises – the RCEP is not as “deep” an agreement as the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), which includes a number of countries in common with the RCEP (Japan, Australia, New Zealand, Malaysia, Vietnam, Singapore and Brunei). However, RCEP could serve as a platform for future agreements that go further.

Although signed, the RCEP can take months or even years to come into force – it must be ratified by at least six ASEAN countries and three non-ASEAN countries before entering into force. However, its long-term impact could be significant for a number of reasons.

RCEP covers a huge – and growing – part of the global economy

The 15 RCEP signatory countries constitute nearly 30% of global GDP, a share similar to the United States-Mexico-Canada (USMCA, which replaced NAFTA) and significantly larger than the EU. Additionally, this share is likely to increase over time, as RCEP includes many faster growing economies, such as China, Vietnam and Indonesia. RCEP represents an even larger share of the world’s population – over 30%, compared to around 6% for each of the USMCA and the EU.

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