Regional Comprehensive Economic Partnership: Overview and Economic Impact
This brief explains the key features of the Regional Comprehensive Economic Partnership (RCEP) of the Association of Southeast Asian Nations with Australia, Japan, the People's Republic of China (PRC), the Republic of Korea, and New Zealand.
The RCEP is the first multilateral agreement to include the PRC and it establishes the first free trade agreement between the PRC and Japan, and Japan and the Republic of Korea. This brief notes that, as well as benefiting from deeper regional economic integration, RCEP members could use the regional trading bloc as a springboard to deepen economic reforms and improve their industries’ competitiveness.
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