JAKARTA (Jan 1): The Regional Comprehensive Economic Partnership (RCEP) agreement enters into force on Saturday (Jan 1) for 10 participating countries, paving the way for the creation of the world’s largest free trade area. The countries are Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, and Vietnam, according to the ASEAN Secretariat. “The RCEP agreement will also enter into force on Feb 1, 2022 for South Korea,” the secretariat said in a statement. The mega trade deal accounts for US$12.7 trillion (RM53.04 trillion), over a quarter of global trade in goods and services, and 31% of global foreign direct investment inflows. The 15 RCEP participating countries have an estimated gross domestic product (GDP) of US$25.8 trillion, accounting for about 30% of world GDP.

Source: The Edge Markets January 01, 2022 18:52 UTC