Comprehensive Economic Partnership Agreement Definition

When the RCEP was signed, Chinese Premier Li Keqiang declared it « the victory of multilateralism and free trade. » [7] Singapore Prime Minister Lee Hsien Loong called it a « great step forward for our region » and a support for free trade and economic interdependence. [15] While rcEP is not as comprehensive as the Trans-Pacific Partnership (CPTPP) Comprehensive and Progressive Agreement, it will reduce or eliminate tariffs on a wide range of goods and services and establish rules for issues such as investment, competition and intellectual property, including digital copyright. Unlike the CPTPP, the RCEP does not contain any provisions for labour and environmental standards. The RCEP, supported by China, was seen as a way to strengthen trade relations between nations throughout the Asia-Pacific region and promote trade and economic growth in the region. First, they are the ten member countries of the Association of Southeast Asian Nations (Asean) and five Asia-Pacific countries with which Asean has free trade agreements: the EU implements seven economic partnership agreements with 32 partners, 14 of which are in Africa. The main objective of EPAs is the leverage of trade and investment for sustainable development. The content of the agenda will be expanded, with agreements covering new themes such as services and investment. The Comprehensive Regional Economic Partnership (RCEP) is a free trade agreement between Asia-Pacific countries, Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam. Starting in 2020, the 15 member countries represent about 30% of the world`s population (2.2 billion people) and 30% of global GDP ($26.2 trillion), making it the largest trading bloc in history. [2] The unification of existing bilateral agreements between ASEAN and five of its major trading partners was signed on 15 November 2020 at a virtual ASEAN summit hosted by Vietnam and will enter into force as soon as it has been ratified by at least six ASEAN signatories and three non-ASEAN countries. [3] [5] The trade pact, which includes a mix of middle-income countries [Note 1] and low-income countries[Note 3], was developed at the ASEAN summit in Bali, Indonesia in 2011, when its negotiations were officially initiated in Cambodia at the 2012 ASEAN summit. [6] [7] It is expected that within 20 years of entry into force, approximately 90% of import duties between its signatories will be removed and common rules are established for e-commerce, trade and intellectual property. [9] Uniform rules of origin will help facilitate international supply chains and reduce export costs across the bloc.