What does RCEP do for every people, and its standard?
The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
RCEP is a big deal, literally and metaphorically. When it’s signed off, the Regional Comprehensive Economic Partnership will create a free trade zone covering about 30% of the world’s gross domestic product, trade and population.
RCEP – which has been over a decade in the making – will eliminate tariffs on 91% of goods as well as introduce rules on investment and intellectual property to promote free trade.
It covers 15 member countries, but there’s also some overlap with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).