The signatories will enforce a new single set of rules for accessing preferential tariffs as well as collaborate and exchange information on best practices for dealing with cybersecurity incidents.
The largest free trade agreement in history was signed over the weekend, with 15 countries in the Asia Pacific region agreeing to be signatories. In total, the agreement will cover 30% of the world’s GDP and population to surpass the Trans-Pacific Partnership in scale. The signatories involved are Australia, China, Japan, New Zealand, South Korea, and the 10 members of ASEAN, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The signatories’ leaders agreed to the terms of the Regional Comprehensive Economic Partnership (RCEP) at the Association of South-East Asian Nations (ASEAN) summit in Bangkok last year, with the agreement being officially signed on Sunday. In a joint statement, the signatories said the trade deal would play an important role in plans to recover from the pandemic and help build the region’s resilience through an “inclusive and sustainable post-pandemic economic recovery process”. “In light of the adverse impact of the pandemic on our economies, and our people’s livelihood and well-being, the signing of the RCEP Agreement demonstrates our strong commitment to supporting economic recovery, inclusive development, job creation, and strengthening regional supply chains,” the signatories said in the joint statement.
