New Asia-Pacific Trade Agreement

The RCEP is a free trade agreement formed between the Asia-Pacific Nations, which include:

  • Australia
  • Brunei
  • Cambodia
  • China
  • Indonesia
  • Japan
  • Laos
  • Malaysia
  • Myanmar
  • New Zealand
  • the Philippines
  • Singapore
  • South Korea
  • Thailand
  • Vietnam

The RCEP spans 2.2 billion people, or nearly 30% of the world’s population and 29% of its GDP.

The introduction and signing of the new Trade Agreement in 2020 states that it would eliminate tariffs and quotas on 65% of the goods that are traded in the region of these countries. This is great news for the World Investment Trade! It will particularly aid the economies of the Asia-Pacific Nations and support the post-COVID-19 economic recovery process of the whole world.

However, it may not be entirely clear on the impact that the agreement will have on the Global Trading relationship, particularly between China and the USA. Currently, a shift in the regional dynamic and economic growth is in favor of China. Nevertheless, the latest American Elections and Biden’s new plans may cause that to change.

By Nursultan

Hey everyone! My name is Nursultan and I am from Almaty, Kazakhstan. After starting to study Economics at my school for the first time this year, I found myself to be truly passionate and captivated by this subject. By becoming a member of the EconIR WEB Team, I believe that students all around the world can connect and share their knowledge with each other!

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