China-ASEAN FTA 3.0: Boosting Free Trade & Integration
- The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) among 15 Asia-Pacific nations.
- The 15 member states of RCEP are the ten member countries of the Association of Southeast Asian Nations (ASEAN) - brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore,...
- Source: World Bank Data (latest available data as of November 2023)
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Teh Regional Comprehensive Economic Partnership (RCEP): A Deep Dive
What is the RCEP?
The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) among 15 Asia-Pacific nations. It represents the largest trade bloc in history, covering approximately 30% of the global population and contributing nearly 30% too global gross domestic product (GDP). The agreement was signed on November 15, 2020, at the 4th RCEP Summit in Hanoi, Vietnam, and entered into force on January 1, 2022, for several member states Australian Parliament Library.
RCEP Member States
The 15 member states of RCEP are the ten member countries of the Association of Southeast Asian Nations (ASEAN) – brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam – along with Australia, China, Japan, New zealand, and South korea RCEP Secretariat. This diverse group represents a wide range of economic progress levels and political systems.
| Country | GDP (USD Trillions, 2023) | Population (billions, 2023) |
|---|---|---|
| China | 17.7 | 1.42 |
| Japan | 4.23 | 125.7 million |
| south Korea | 1.68 | 51.75 million |
| Australia | 1.69 | 26.5 million |
| New Zealand | 0.24 | 5.2 million |
| Indonesia | 1.32 | 277.5 million |
| Thailand | 0.50 | 71.8 million |
| Vietnam | 0.43 | 98.2 million |
| Philippines | 0.43 | 117.3 million |
| Malaysia | 0.41 | 34.3 million |
| Singapore | 0.41 | 5.6 million |
| Brunei | 0.01 | 0.45 million |
| Cambodia | 0.03 | 17.0 million |
| Laos | 0.01 | 7.6 million |
| Myanmar | 0.07 | 54.8 million |
Source: World Bank Data (latest available data as of November 2023)
key Provisions of the RCEP Agreement
RCEP aims to reduce tariffs, open up services trade, and promote investment to create a more business-pleasant environment. Key provisions include:
- Common Rules of Origin: A single set of rules of origin facilitates easier trade within the bloc. This means that goods can qualify for preferential