Lao PDR and other fourteen countries have virtually signed the Regional Comprehensive Economic Partnership (RCEP) Agreement, the largest free-trade bloc in the world, comprising nearly a third of all global economic activity, on 15 November 2020 at the 4th Regional Comprehensive Economic Partnership Summit.
The RCEP Agreement is an agreement to broaden and deepen ASEAN’s engagement with Australia, China, Japan, Korea and New Zealand. Together, these RCEP participating countries account for about 30% of the global GDP and 30% of the world population.
The objective of the RCEP Agreement is to establish a modern, comprehensive, high-quality, and mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment and contribute to global economic growth and development. Accordingly, it will bring about market and employment opportunities to businesses and people in the region.
RCEP Agreement is expected to be effected within two years after it has been ratified by participating countries.
Find the summary of RCEP Agreement: