World’s largest free trade agreement, RCEP takes effect

The Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement, officially came into force on Saturday.

The agreement came into effect with a first batch of 10 countries, including six of the Association of Southeast Asian Nations (ASEAN) members — Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam, together with China, Japan, New Zealand and Australia. The agreement will enter into force on February 1 for South Korea, according to a statement by the ASEAN Secretariat on Saturday.

Cambodia’s Ministry of Commerce, Pan Sorassak  says by signing the RCEP deal the country expects more foreign investment, and a rules-based multilateral trading system. That was echoed by Deng Fuhua, an expert in international business.

Fuhua, Associate Professor, School of International Business Southwestern University of Finance and Economics “Western…