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Regional Comprehensive Economic Partnership (RCEP)

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Regional Comprehensive Economic Partnership (RCEP)

ABOUT

Countries in East Asia region have thriving trade and economic relations with
each other through free trade agreements. The Association of Southeast Asian
Nations (ASEAN) has free trade agreements with six partners namely People’s
Republic of China (ACFTA), Republic of Korea (AKFTA), Japan (AJCEP), India
(AIFTA) as well as Australia and New Zealand (AANZFTA).

In order to broaden and deepen the engagement among parties and to enhance
parties’ participation in economic development of the region, the leaders of 16
participating countries established the Regional Comprehensive Economic
Partnership (RCEP). The RCEP was built upon the existing ASEAN+1 FTAs with
the spirit to strengthen economic linkages and to enhance trade and investment
related activities as well as to contribute to minimising development gap among
the parties.

In August 2012, the 16 Economic Ministers endorsed the Guiding Principles and
Objectives for Negotiating the Regional Comprehensive Economic Partnership.
The RCEP negotiations were launched by Leaders from 10 ASEAN Member
States (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar,
the Philippines, Singapore, Thailand and Viet Nam) and six ASEAN FTA partners
(Australia, People’s Republic of China, India, Japan, Republic of Korea, and New
Zealand) during the 21st ASEAN Summit and Related Summits in Phnom Penh,
Cambodia in November 2012.

The objective of launching RCEP negotiations is to achieve a modern,

comprehensive, high-quality, and mutually beneficial economic partnership
agreement among the ASEAN Member States and ASEAN’s FTA partners. The
RCEP negotiations commenced in early 2013.

COVERAGE AREAS

The RCEP negotiation includes: trade in goods, trade in services, investment,

economic and technical cooperation, intellectual property, competition, dispute
settlement, e-commerce, small and medium enterprises (SMEs) and other issues.

WHAT RCEP MEANS FOR BUSINESSES

RCEP has the potential to deliver significant opportunities for businesses in the
East Asia region, given the fact that the 16 RCEP participating countries account
for almost half of the world’s population; contribute about 30 per cent of global
GDP and over a quarter of world exports. RCEP will provide a framework aimed
at lowering trade barriers and securing improved market access for goods and
services for businesses in the region, through:

Recognition to ASEAN Centrality in the emerging regional economic

architecture and the interests of ASEAN’s FTA partners in enhancing
economic integration and strengthening economic cooperation among the
participating countries;

Facilitation of trade and investment and enhanced transparency in trade

and investment relations between the participating countries, as well as
facilitation of SMEs’ engagements in global and regional supply chains;
and

Broaden and deepen ASEAN’s economic engagements with its FTA

partners.

RCEP recognises the importance of being inclusive, especially to enable SMEs

leverage on the agreement and cope with challenges arising from globalisation
and trade liberalisation. SMEs (including micro-enterprises) make up more than
90% of business establishments across all RCEP participating countries and are
important to every country’s endogenous development of their respective
economy. At the same time, RCEP is committed to provide fair regional economic
policies that mutually benefit both ASEAN and its FTA partners.

LINKS

Official RCEP Information

Guiding Principles
Joint Statements
Nov 2017
 Sep 2016
Nov 2015
Nov 2012
Joint Media Statements
Sep 2017
May 2017
Nov 2016
Aug 2015
Aug 2014
Aug 2013

ASEAN+1 FTAs

ASEAN – Australia New Zealand Free Trade Area

ASEAN – China Free Trade Area
ASEAN – India Free Trade Area
ASEAN – Japan Free Trade Area
ASEAN – Republic of Korea Free Trade Area

For enquiries about Regional Comprehensive Economic Partnership (RCEP),

click here

October 3rd, 2016

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