The world’s largest trading bloc, RCEP, has been officially launched
The world’s largest trading bloc was officially signed off on Sunday 15 November. The Regional Comprehensive Economic Partnership (RCEP) accounts for 1/3 of the global economy and includes the 10 ASEAN member states plus Australia, New Zealand, China, Japan and South Korea.
The RCEP agreement includes tariff reductions or their elimination and standardized customs procedures for a freer movement of products and services among participating countries.
RCEP countries stand to benefit from cheaper access to medical devices amongst others, which is of particular importance during the pandemic, as China (an RCEP member) is the world’s 7th largest exporter of medical devices, the world’s largest source of PPE, and 4th largest exporter of ventilators.
RCEP will also lead to more interest from foreign investors who look to enter or expand in Asia. Read more about the RCEP here