RCEP to Establish a Mutually Beneficial Economic Partnership

The Regional Comprehensive Economic Partnership (RCEP) Agreement is a free trade agreement to enhance cooperation between 10 ASEAN countries and Australia, China, Japan, Korea, New Zealand.

The objective of the RCEP Agreement is to establish a modern, comprehensive, high-quality, and mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment and contribute to global economic growth and development.

Opportunities Under RCEP*

• It is the largest Free Trade Agreement (FTA) in the world.

• Covering 15 countries.

• With 2.2 billion or 29.5% of the world’s population.

• Representing US$25.8 trillion or 29.4% of the world’s GDP.

* Source: World Bank’s 2019

The signing of the RCEP Agreement on 15 November 2020 at the 37th ASEAN Summit is a significant milestone in the integration of the economies of the 15 parties, and the culmination of 8 years of negotiation involving 31 rounds of negotiation, 8 Ministerial Meetings and 4 Summits.

Chapters of the RCEP Agreement, to include:

• Trade in Goods

• Rules of Origin

• Customs Procedures and Trade Facilitation

• Sanitary and Phytosanitary Measures

• Standards, Technical Regulations, and Conformity Assessment Procedures

• Trade Remedies

• Trade in Services (including annexes on Financial Services, Telecommunications Services and Professional Services)

• Temporary Movement of Natural Persons

• Investment

• Intellectual Property

• Electronic Commerce

• Competition

• Small and Medium Enterprises

• Economic and Technical Cooperation

• Government Procurement

• Dispute Settlement

Key Objectives of RCEP E-Commerce Chapter:

• Promote e-Commerce among RCEP countries and globally.
• Contribute to creating an environment of trust and confidence.
• Enhance cooperation among RCEP countries regarding the development of e-Commerce.