RCEP trade pact takes effect in South Korea
2022-02-02 07:39:09 source：CGTN
February 1, 2022
The mega free trade pact of the Regional Comprehensive Economic Partnership (RCEP) took effect in South Korea on Tuesday.
South Korea is the 11th country to formally join RCEP after the trade pact came into force on January 1, 2022, for China, Japan, Australia, New Zealand and six ASEAN economies – Singapore, Brunei, Cambodia, Laos, Thailand and Vietnam.
RCEP, signed by a total of 15 Asia-Pacific countries in November 2020, covers a market of 2.2 billion people with a combined economic size of $26.2 trillion, or 30 percent of the world's GDP. Under the partnership, members will further ease market access standards, cut tariffs and offer reciprocal policies.
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