RCEP – 沙巴州亞庇中華工商總會

Regional Comprehensive Economic Partnership (RCEP)

The Regional Comprehensive Economic Partnership (RCEP), is the world’s largest free-trade agreement (FTA) comprising 15 countries: 10 member states of the Association of Southeast Asian Nations (ASEAN) – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, and five of their FTA partners (Australia, China, Japan, New Zealand and South Korea).
The RCEP’s negotiation is an ASEAN driven initiative, which was launched during the 21st ASEAN Summit in Phnom Penh, Cambodia in November 2012. It is the second mega-regional FTA to involve the Asia-Pacific region after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
RCEP was built upon the existing ASEAN+1 FTAs aims to strengthen economic linkages, to enhance trade and investment related activities as well as contribute to minimising development gaps among the parties.
RCEP negotiations are to achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement among the ASEAN member states and ASEAN’s FTA partners.
18th March, 2022, The Ministry of International Trade and Industry (MITI) announcing RCEP agreement came into force for Malaysia, paving the way for the country to integrate into the world’s largest free trade agreement (FTA) that involves 15 countries, with a total population of more than 2.2 billion. According to MITI statement, The RCEP represents a significant milestone in the vibrant growth and revitalisation of economies. Anchored on the rules-based multilateral trading system, it will enable Malaysia to enjoy the global trade and investment ecosystem, benefiting from the eventual elimination of around 90 per cent of tariff among members.