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Updated: Dec 29, 2022 Print
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The RCEP came into force on Jan 1

[Photo by Shi Yu/China Daily]

The Regional Comprehensive Economic Partnership, the world's largest free trade agreement in terms of economic size (32 percent of the global economy) and population (44 percent), came into effect on Jan 1.

The agreement comprises 15 Asia-Pacific countries, including 10 ASEAN member states and five key trading partners, namely China, Japan, South Korea, Australia and New Zealand.

The RCEP aims to progressively lower tariffs, reduce protectionism and boost investment. It will bring down tariffs to zero on more than 90 percent of the goods traded among the 15 members over the next 20 years-and thereby create a prominent free-trade bloc covering Southeast Asia, Northeast Asia and the Asia-Pacific.


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