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Factsheet: What you need to know about Regional Comprehensive Economic Partnership (RCEP)

Factsheet: What you need to know about Regional Comprehensive Economic Partnership (RCEP)

 

FACTSHEET: WHAT YOU NEED TO KNOW ABOUT REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP (RCEP)
 
What is the Regional Comprehensive Economic Partnership (RCEP)?
 
The RCEP is a Free Trade Agreement under negotiation between ASEAN Member States and ASEAN’s FTA partners. When completed, the agreement will be between 16 countries[1], which make up 45% of the world population and contribute a third of the world’s GDP.
 
1.               The RCEP was launched at the 21st ASEAN and Related Summits in Phnom Penh, Cambodia in 2012. The negotiations for the RCEP commenced in 2013.
 
2.       The RCEP initiative aims to be an ASEAN-led process through which ASEAN would broaden and deepen its economic engagements with its FTA partners. The RCEP would lead to greater economic integration, support equitable economic development and strengthen economic cooperation among the countries involved.
 
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[1] ASEAN (Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, The Philippines, Singapore, Thailand, Vietnam) and their FTA partners (Australia, China, India, Japan, Korea, New Zealand).

 

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