Regional Comprehensive Economic Partnership (RCEP) signed

The heads of state/government of the member states of the Association of Southeast Asian Nations (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) and Australia, China, Japan, South Korea and New Zealand signed the Regional Comprehensive Economic Partnership Agreement (RCEP) on 15th November 2020 at the virtual 4th RCEP Leaders’ Meeting. The agreement applies to a market with 2.2 billion people (~ 30% of the global population), a GDP of USD 26.2 trillion (~ 30% of the global GDP), and approximately 28% of global trade (based on 2019 data).The RCEP now awaits individual approval of member countries to enter into force. For more information, please see the press releases from Singapore and China.