The full form of RCEP is the Regional Comprehensive Economic Partnership. It is a free trade agreement and involves 15 countries in the Asia-Pacific Region. Together these countries represent around 30% of the world’s population, making the RCEP the largest free trade agreement in history. In this blog, we will learn more about the abbreviation and know everything about it.
What is RCEP?
The negotiations for the agreement started in the year 2012. The goal of this agreement was to reduce the trade barriers between countries and promote regional cooperation and economic integration. Thus, the agreement was signed in November 2020 and entered into force on January 1, 2022.
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Who are the members of RCEP?
These are the members of RCEP –
- ASEAN member states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
- ASEAN’s free trade agreement Partners – Australia, China, India, Japan, South Korea and New Zealand.
RCEP is a pact between these countries to reduce trade barriers and promote the free flow of goods and services with good investment.
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What are the Benefits of RCEP?
Some of the benefits that the signing partners get are –
- Increased trade and investment.
- Lower tariffs on goods and services.
- Simplified Customs procedures.
- Extensive regional supply chains.
- Stringer Intellectual Property Rights for Innovations.
- Economic growth and job creation.
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What is the impact of the RCEP agreement?
The impact of RCEP can be seen in many terms. It has and will impact by –
- Strengthening the global trading system
- Increase in the trade flow
- Create millions of jobs
- Boost the economic growth in the region.
- Help the consumers, Businesses and Workers.
- Prosperity and stability in the region.
RCEP is still taking its shape from paper to reality, while there are some concerns about its impact, however, the overall goal of promoting economic growth and development in the region is a positive one.
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