It is the largest free trade area in the world

The Comprehensive Regional Economic Partnership (RCEP), a project negotiated since 2011, will start operating on January 1, 2022, creating the largest free trade area in the world, amid a gradual reduction in customs duties over the past two decades. .

The project will involve Australia, Brunei, Cambodia, South Korea, China, the Philippines, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Singapore, Thailand and Vietnam.

The new free trade area will account for a third of the world’s population and a third of the value of the global Gross Domestic Product (GDP).

According to US-based Peterson Institute for International Economics, the new Partnership will help increase the value of Member States’ GDP by 0.2%.

The partnership will be the “new center of gravity” of world trade, according to the UN Conference on Trade and Development (UNCTAD), which estimates that trade between the signatory states will increase by 2% and 42 billion dollars (37 billion euros respectively). ). Exports from the European Union and the United States to the Asia-Pacific region would fall by 2% and 1%, respectively.

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