Since January 2022, The Regional Comprehensive Economic Partnership (RCEP) Agreement between 15 countries, which together account for 30% of the world economy, has entered into force.

The «Regional Comprehensive Economic Partnership (RCEP)» Agreement  has been signed by China, Vietnam, Singapore, Indonesia, Malaysia, Thailand, the Philippines, Myanmar, Brunei, Laos, Cambodia, Japan, Australia, South Korea and New Zealand.

The document has so far been ratified by 10 out of the 15 countries, with the rest expected to join in the coming months. Thanks to this document, the countries agreed to reduce tariffs and establish common rules of trade for all parties to the agreement.

The agreements cover trade, services, investment, e-commerce, telecommunications and copyright.

The agreement provides for tariff reductions for most categories of goods, but with various limitations.

The Brookings Institution estimates that the RCEP could generate an additional 209 billion US dollars in global revenue annually and up to 500 billion US dollars in world trade by 2030.

Reference source: Diia.Business.Export