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Regional Comprehensive Economic Partnership (RCEP) will deepen Pacific economic integration
In some areas – tariff reduction, e-commerce, and state-owned enterprises – RCEP is not as 'deep' an agreement as the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), which includes a number of common countries with RCEP ( Japan , Australia , New Zealand , Malaysia , Vietnam , Singapore and Brunei ). However, RCEP could act as a platform for future agreements that go further.
Although signed, RCEP may take months if not years to come into effect – it must be ratified by at least six ASEAN countries and three non-ASEAN countries before coming into force. However, its long-term impact could be significant for a number of reasons.
RCEP covers a huge – and growing – share of the world economy
The 15 signatory countries to RCEP constitute almost 30% world GDP, a similar share to the US-Mexico-Canada Agreement (USMCA, which replaced NAFTA) and significantly larger than the EU. What is more, this share is likely to increase over time, as RCEP includes many faster growing economies – such as China , Vietnam and Indonesia . RCEP represents an even larger share of the world's population – over 30%, compared to around 6% for each of the USMCA and the EU.
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