World’s largest free trade pact RCEP kicks off

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World’s largest free trade pact RCEP kicks off

From January 1st, 2022 onwards, the Regional Comprehensive Economic Partnership (RCEP) entered into force and started to govern trade between China, New Zealand, Japan, South Korea, Australia and the 10 member-states of the Association of Southeast Asian Nations (ASEAN), including the major economies of Indonesia, Singapore, Thailand, Philippines, Malaysia and Vietnam.

This new Trade Deal will create the world’s largest free-trade bloc, bringing together 15 of the most active trading economies in the Asia-Pacific region into a single trade framework with a common set of rules and standards, lowered trade barriers, streamlined customs procedures, and expedited market access.

 
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