RCEP will take effect on January 1, 2022!

The Regional Comprehensive Economic Partnership Agreement (RCEP) will come into effect on January 1, 2022. The ASEAN Secretariat, the depository of RCEP, issued a notice on November 2, announcing that six ASEAN members including Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam, and four non-ASEAN members including China, Japan, New Zealand, and Australia The Secretary-General formally submitted the approval letter and reached the threshold for the agreement to enter into force.

RCEP negotiations began in 2012. During this period, after 3 leaders` meetings, 19 ministerial meetings, and 28 rounds of formal negotiations, they were formally signed on November 15, 2020. There are currently 15 member states whose total population, economic volume, and total trade account for the world`s total With a volume of about 30%, it is the largest free trade zone in the world.

In this regard, Australia's "Sydney Morning Herald" stated that Australia has high expectations for RCEP and regards it as a "lifeline" for improving China-Australia relations. The British "Guardian" also believes that the entry into force of the agreement will help Australia "reset" its economic relationship with China.