The Regional Comprehensive Economic Partnership (“RCEP") Agreement is a Free Trade Agreement (“FTA”) between 15 countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, Viet Nam, Australia, China, Japan, Republic of Korea, and New Zealand.
It is the world’s largest FTA, comprising about 30% of global GDP and about a third of the world’s population.
RCEP negotiations were formally launched at the 2012 ASEAN Summit in Cambodia and the Agreement was signed on 15 November 2020. The RCEP Agreement will enter into force 60 days after six ASEAN Member States and three ASEAN FTA Partners have deposited their instrument of ratification, acceptance or approval with the Depositary
"The RCEP is a demonstration of partner countries’ commitment to greater economic integration for the benefit of our people and businesses. Beyond its economic value, it is also a statement of our strategic intent to have a shared interest in each other’s prosperity and success. This bodes well for the security of the region. We look forward to the swift implementation of the agreement and we are committed to keeping this agreement up to date to meet the evolving realities and demands."
- Minister Chan Chun Sing, Minister for Trade and Industry