Lisbon, 24 November - The "Regional Comprehensive Economic Partnership" (RCEP) agreement was signed last November 15th by the ten countries of ASEAN (Association of Southeast Asian Nations), Australia, China, Japan, New Zealand and South Korea.
From a geopolitical and symbolic perspective, the RCEP shows Asia-Pacific's commitment to continuing multilateralism and harmonization. It is the first multilateral free trade agreement to include China, illustrating the country's "international circulation" component.
From an economic perspective, the overall impact of RCEP can be moderated and spread over time. While China, Japan and South Korea could benefit more than other signatories (as RCEP now covers China-Japan and Japan-South Korea bilateral relations, previously not subject to free trade agreements), RCEP consolidates and mainly updates existing free trade agreements between ASEAN and its partners.
Lisbon, 24 November - The "Regional Comprehensive Economic Partnership" (RCEP) agreement was signed last November 15th by the ten countries of ASEAN (Association of Southeast Asian Nations), Australia, China, Japan, New Zealand and South Korea.
From a geopolitical and symbolic perspective, the RCEP shows Asia-Pacific's commitment to continuing multilateralism and harmonization. It is the first multilateral free trade agreement to include China, illustrating the country's "international circulation" component.
From an economic perspective, the overall impact of RCEP can be moderated and spread over time. While China, Japan and South Korea could benefit more than other signatories (as RCEP now covers China-Japan and Japan-South Korea bilateral relations, previously not subject to free trade agreements), RCEP consolidates and mainly updates existing free trade agreements between ASEAN and its partners.
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