Regional Comprehensive Economic Partnership — 2020 Asia-Pacific free trade agreement
RCEP is the largest trade bloc in history by population and GDP, covering 30% of each and linking 15 Asia-Pacific economies.
Key Facts
- Member countries
- 15 Asia-Pacific nations
- Share of global population
- 30% (2.2 billion people)
- Share of global GDP
- 30% ($29.7 trillion)
- Tariff elimination target
- ~90% of tariffs within 20 years
- Entry into force
- 1 January 2022 (first 10 ratifiers)
- Signing date
- 15 November 2020, virtual ASEAN Summit
By the Numbers
Location
Cause → Event → Consequence
Conceived at the 2011 ASEAN Summit in Bali and formally launched at the 2012 ASEAN Summit in Cambodia, RCEP emerged from ASEAN-led efforts to integrate Asia-Pacific trade. Negotiations proceeded for nearly a decade, with India initially participating but ultimately opting out before the agreement was finalized.
On 15 November 2020, at a virtual ASEAN Summit hosted by Vietnam, 15 Asia-Pacific nations signed RCEP, forming the largest free trade bloc in history. The agreement covers Australia, China, Japan, South Korea, New Zealand, and ten ASEAN members, establishing common rules for tariffs, e-commerce, and intellectual property.
For the first ten ratifying countries, the pact took effect on 1 January 2022. It is projected to eliminate roughly 90% of inter-member tariffs within 20 years. Analysts suggested it would shift economic influence toward Asia, with China positioned to shape regional trade rules, while leaving the United States outside the framework.