The Regional Economic Partnership (RCEP) is a proposed free trade agreement between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and its six free trade agreements (Australia, China, India, Japan, New Zealand and the Republic of Korea). Once it comes into force, the RCEP will be the world`s largest free trade agreement (FTA), accounting for half of Japan`s trade value and 30% of global GDP. While ASEAN already has free trade agreements with the other five countries, this will be the first free trade agreement available between China, Japan and South Korea. Given that China and South Korea are Japan`s main trading partners respectively and ASEAN and Australia are Japan`s main trading partners, the RCEP could be a catalyst for the post-COVID economy in member countries. Chapter 9 – Temporary Movement of Individuals . . . Brunei Darussalam – calendar for reservations and non-compliant measures for services and investments . This section contains the legally revised text and annexes of the RCEP agreement, as well as the synthesis of the RCEP agreement. Chapter 6 – Standards, Technical Regulations and Compliance Assessment Procedures . . .
. . . The RCEP will enter into force sixty days after at least six ASEAN signatories and three non-ASEAN countries have completed ratification and notified the custodian. While this process may take some time, companies should consider whether their exports and imports can benefit from the removal/reduction of tariffs under the RCEP and whether they are complying with the rules of origin. If this is beneficial, companies should begin the necessary preparations for the use of the RCEP from the effective date. . . .
Although India left the RCEP negotiations in 2019 for fear of the effect of the removal of tariffs on its domestic industry, the agreement provides that India`s RCEP will be open to membership from the effective date. The Ministers` statement on India`s participation in the RCEP was also issued at the RCEP summit. Cambodia – timetable of specific commitments for services . Chapter 1 – First general provisions and definitions .