After much deliberation, the Regional Comprehensive Economic Partnership (RCEP) trade pact is expected to become effective today.
The pact was signed on Nov 15, 2020, by the 10 Asean member countries along with five Asean free trade agreement (FTA) partners. At least six members of Asean and three non-Asean nations then ratified the agreement.
RCEP is the world’s biggest FTA measured by GDP, larger than the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the EU, the Mercosur trade bloc in South America, and the recent US-Mexico-Canada FTA. RCEP is the first multilateral agreement to include China, and the first FTA between China and Japan as well as Japan and South Korea.
Together, RCEP’s 15…
