The Regional Comprehensive Economic Partnership (RCEP) agreement covers China, Japan, South Korea, the ten ASEAN members (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam), Australia, and New Zealand.
RCEP addresses trade in goods and services, e-commerce, and intellectual property protection.
The trade agreement replaces a patchwork of regional agreements with common rules of origin and unified regulations, eliminating tariffs and quotas on more than 65% of goods traded.
The sheer size of RCEP makes it significant. Participating economies account for 29% of the global GDP and approximately 30% of the world's population.

The Regional Comprehensive Economic Partnership (RCEP) is the world’s largest free trade agreement, signed in November 2020 and enforced in January 2022. It includes 15 Asia-Pacific nations: China, Japan, South Korea, Australia, New Zealand, and the 10 ASEAN members, covering nearly 30% of global GDP and trade. RCEP aims to boost economic integration by reducing tariffs, streamlining customs procedures, and promoting investment and trade. Unlike other trade deals, it focuses on harmonising rules across existing ASEAN agreements rather than imposing strict labour or environmental standards. While critics highlight its limited ambition in areas like digital trade, RCEP strengthens supply chains and enhances regional cooperation, benefiting businesses through expanded market access and simplified trade rules.