RCEP Free Trade Pact to Take Effect in Jan. 2022

Politics

Sydney, Nov. 3 (Jiji Press)--The Regional Comprehensive Economic Partnership, a free trade deal among Japan, China, South Korea and 12 other countries, is set to go into effect Jan. 1, 2022.

The government of Australia said Tuesday that the country and New Zealand have ratified RCEP. All other domestic procedures needed for its effectuation had already been completed.

RCEP will eliminate tariffs on more than 90 pct of goods, mainly industrial products.

The 10 other RCEP countries are the members of the Association of Southeast Asian Nations members--Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The 15 nations together account for about 30 pct of the global economy in terms of gross domestic product.

RCEP will take effect 60 days after ratification by at least six ASEAN countries and at least three non-ASEAN nations. The condition was met with the ratifications by Australia and New Zealand.

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