RCEP (Regional Comprehensive Economic Partnership)
On January 1, 2022, the "Regional Comprehensive Economic Partnership Agreement" (RCEP) formally came into effect, marking the official landing of the free trade zone with the largest population, the largest economic and trade scale, and the most potential for development in the world.
The first batch of countries to take effect include 6 ASEAN countries including Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam and 4 non-ASEAN countries including China, Japan, New Zealand and Australia. RCEP will take effect for South Korea from February 1, 2022.
RCEP is by far the world’s largest free trade agreement. Its total population, economic volume, and total trade account for 1/3 of the global total. The agreement covers tariff reduction, trade facilitation, service and investment opening, business personnel exchanges, and A wide range of fields such as business and intellectual property protection.
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