RCEP enters into force for most of its members
The Regional Comprehensive Economic Partnership (RCEP) Agreement entered into force on the 1st of January for most of its members, namely: Australia, Brunei Darussalam, Cambodia, China, Japan, Lao PDR, New Zealand, Singapore, Thailand and Viet Nam. This paves the way for the creation of the world’s largest free trade area, considered by UNCTAD the ‘new center of gravity of global trade‘.
The RCEP Agreement will also enter into force on 1 February 2022 for the Republic of Korea. For the remaining signatory States, RCEP will enter into force 60 days after the deposit of their respective instrument of ratification, acceptance, or approval to the Secretary-General of ASEAN, which is the Depositary of the RCEP Agreement.