The RCEP Trade Agreement Assessment

What the Regional Comprehensive Economic Partnership has produced at three years of operation

The Agreement

The Regional Comprehensive Economic Partnership -- the trade agreement between ASEAN, China, Japan, South Korea, Australia, and New Zealand that entered into force in January 2022 -- is at three years of full operation the largest free trade agreement in the world by GDP and population covered. The agreement is the specific trade architecture that the ASEAN-China economic relationship has been embedded in.

The Assessment

The assessment at three years: the tariff reductions have proceeded on the schedules the agreement specifies. The trade flows between member countries have not shown the dramatic increase that the agreement advocates projected, partly because the agreement contains significant exceptions and phase-in periods for the most sensitive product categories, and partly because the specific non-tariff barriers that the agreement does not address remain significant.

Daily Asian News Coverage

Daily Asian News covers the RCEP assessment because the accountability journalism of the regional trade architecture requires examining whether the world largest trade agreement is producing the trade outcomes its advocates described.

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