The Regional Comprehensive Economic Partnership (RCEP), consisting of 10 Association of Southeast Asian Nations (ASEAN) countries, as well as China, Japan, the Republic of Korea (ROK), Australia and New Zealand, came into force on January 1, 2022.
As the world’s largest free trade deal, the RCEP established a market of 2.2 billion people, or 30 percent of the world’s population. Member countries combined represent roughly 30 percent of global GDP and 28 percent of international trade.
One year on, the agreement has injected strong impetus into the region and the world at large. “Since its entry into force, the RCEP has borne remarkable fruits,” Lu Yue, a professor at the Academy of China Open Economy Studies. “It has boosted trade and economic development of its member countries and facilitated global economic recovery with a wide range of rules to promote trade and investment liberalization.”
