It has been reported that the Regional Comprehensive Economic Partnership Agreement (RCEP), the world's most comprehensive free trade agreement, signed with the participation of 15 countries that make up approximately 30 percent of the world's population and GDP (gross domestic product), will enter into force as of January 1, 2022. In a statement, Australian Trade, Tourism and Investment Minister Dan Tehan stated that the ratification of the agreement by Australia and New Zealand paved the way for its entry into force. It can enter into force after 60 days. This milestone was reached with the approval of Australia and New Zealand on November 2, 2021. Thus, the RCEP will enter into force on January 1, 2022."
THE MOST COMPREHENSIVE TRADE AGREEMENT
The 10 ASEAN countries in the Asia-Pacific region are between Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, as well as Australia, China, Japan, New Zealand and South Korea on 15 November 2020. RCEP, which was signed at the virtual ASEAN Summit hosted by it, is known as the most comprehensive trade agreement in the world. The agreement, which aims to facilitate trade liberalization and economic integration in Asia-Pacific, is also critical as it is the first trade agreement between Japan and both China and South Korea.
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