Regional Comprehensive Economic Partnership (RCEP).
It is an eight-year agreement initiated by ASEAN in 2012 and developed by 15 members, including China, Japan, South Korea, Australia, New Zealand and 10 ASEAN countries***.
The signing of the Regional Comprehensive Economic Partnership Agreement (RCEPA) marks the official launch of the world's most populous free trade area with the largest economic and trade scale and the greatest potential for development.
About the agreement:
The Regional Comprehensive Economic Partnership Agreement (RCEPA) is the largest and most important free trade agreement negotiated in the Asia-Pacific region, which will cover nearly half of the world's population and nearly one-third of the world's trade volume after it is reached, making it the world's free trade area covering the largest number of people, with the most diversified composition of its members and the most dynamic development.
The official signing of the agreement on November 15, 2020, means the birth of the world's largest FTA. It is reported that all parties are now promoting the entry into force of RCEP with a positive attitude, and the agreement can first come into force and be implemented after it is ratified by six ASEAN countries and three non-ASEAN countries. The Ministry of Commerce said RCEP is expected to enter into force by the end of this year.
On March 22, 2021, the head of the International Department of the Ministry of Commerce (MOFCOM) said that at present, China has already completed the approval of the Regional Comprehensive Economic Partnership Agreement, also known as the RCEP agreement, and has become the first country to ratify the agreement. In addition, Thailand has also ratified the agreement.All RCEP member countries have said that they will ratify the agreement by the end of this year, pushing for its entry into force on January 1, 2022.
This is the first time that China has ratified the RCEP agreement.
On April 15, 2021, China formally deposited its instrument of approval of the Regional Comprehensive Economic Partnership Agreement (RCEP) with the ASEAN Secretary General. This marks the formal completion of the RCEP approval process by China.
On April 28, 2021, the plenary session of the Japanese Senate approved the Regional Comprehensive Economic Partnership Agreement (RCEP) .