Regional comprehensive economic partnership (rcep)

Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA)

consisting of 10 ASEAN member countries and 5 countries that ASEAN has signed. Free

trade agreement (Australia, China, Japan, Korea and New Zealand) was signed in Hanoi

on November 15, 2020, towards the goal of forming the East Asia Free Trade Agreement

(EAFTA) and the initiation of the East Asia Comprehensive Economic Partnership

(CEPEA). Of these, 15 member countries account for nearly 30% of the world’s

population (2.2 billion people) and 30% of the gross domestic product of global

GDP ($ 26.2 trillion) by 2020, making it the largest commercial bloc in history. Signed at

the online ASEAN summit in Vietnam on November 15, 2020, the agreement will enter in

to force for the next two years, after being ratified by the member states.

RCEP is the first free trade agreement between China, Japan, and South Korea, and is

three of Asia's four largest economies. [8] Since the moment it was signed, experts have

asserted that it will help regulate the economy in the midst of the COVID-19 pandemic,

as well as "pull the central economic gravity towards Asia," before decline in the US

Economy.