RCEP poised to deliver big dividends

The Regional Comprehensive Economic Partnership (RCEP) was finally signed in November after eight years of difficult negotiations. Its members — the 10 Asean nations plus Australia, China, Japan, New Zealand and South Korea — represent a very diverse mix, with varying interests and priorities.

It is significant to note that China, Japan and South Korea have signed a single trade agreement together for the very first time. It would otherwise have been an arduous task for the three countries to negotiate a pact among themselves.

It took more than 30 negotiating sessions to bring to fruition the biggest free trade agreement (FTA) ever signed, covering 30% of the world’s gross domestic product and population.

Participants believe the deal will be as “comprehensive” as its name claims, by increasing market access and removing tariffs on approximately 90% of goods…