Regional Comprehensive Economic Partnership (RCEP) agreement to enter into force on 1 January 2022
As of 2 November 2021, the ASEAN Secretariat has received Instruments of Ratification/Acceptance from six ASEAN Member States as well as from four non-ASEAN signatory States.
As provided by the Agreement, the RCEP will enter into force on 1 January 2022 for ten #RCEP participating countries (Australia, Brunei Darussalam, Cambodia, China, Japan, Lao PDR, New Zealand, Singapore, Thailand, and Vietnam) which have ratified the agreement.
“The expeditious ratification process by signatory States is a true reflection of our strong commitment to a fair and open multilateral trading system for the benefit of the people in the region and the world. The implementation of the RCEP Agreement starting 1 January next year will give tremendous boost to the post COVID-19 economic recovery efforts,” the Secretary-General of ASEAN Dato Lim Jock Hoi stated yesterday.
Meanwhile, the preparatory work for the entry into force of RCEP will continue. The preparatory work undertaken by signatory States aims to lay a solid ground for the full and effective implementation of the Agreement through finalisation of the technical and institutional aspects of the Agreement.
Businesses will be able to utilise the agreement for trade with the above countries and enjoy greater cost and time savings, transparency and certainty. Apart from additional preferential access in some markets, businesses will also benefit from streamlined rules of origin, enjoy simplified customs procedures, enhanced trade facilitation measures and enhanced investment rules and disciplines.
Guidebook to understanding key chapters on the RCEP can be found in the links below: