Thus the world’s largest free trade area came into being. In the midst of the COVID-19 pandemic, the signing of this agreement gives a strong impetus to Asia-Pacific regional economic integration and injects a powerful new stimulus to the global economic recovery.
High-Level Openness on All Fronts
The RCEP will promote the flow and exchange of goods, services, capital, and personnel between signatory countries, forging a modern, comprehensive, high quality, and mutually beneficial regional economic partnership.
After the RCEP agreement comes into effect, more than 90 percent of goods within the areas it covers will be traded duty-free, some immediately and others over a 10-year period. The RCEP, above all else, enables the elimination of China-Japan and China-Republic of Korea tariffs, achieving a historic breakthrough.
The agreement’s provisions on the certificate of origin, e-commerce, government procurement, intellectual property rights, and small and medium-sized enterprises (SMEs) not only speed up the clearance of goods but also strengthen economic and trade cooperation within the regional market, helping to further integrate industrial and supply chains in the region, increasing their level of modernization, and facilitating trade and investment for each of the 15 signatory countries.
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