Chinanews, November 3, a comprehensive report, recently, Australia and New Zealand have announced that they have completed the "Regional Comprehensive Economic Partnership Agreement" (RCEP) approval process, and will take effect on January 1, 2022.
According to reports, on the 2nd local time, the Australian Department of Foreign Affairs and Trade announced that as the country and New Zealand have completed the approval procedures, the Regional Comprehensive Economic Partnership (RCEP) is determined to take effect on January 1, 2022.
Australia ratifies the "Regional Comprehensive Economic Partnership Agreement" (RCEP) statement.
Image source: A screenshot of the Australian Ministry of Foreign Affairs and Trade website.
Australian Foreign Minister Payne issued a statement saying: "This agreement will strengthen Australia's trade ties with ASEAN."
In addition, New Zealand’s Minister of Trade and Export Growth, Phil Twyford, said on social media: “From the beginning of next year, businesses can benefit from the opportunities provided by RCEP.”
According to the report, RCEP is an economic cooperation agreement for the liberalization of East Asia trade, and ASEAN is also participating. The agreement provides for tariff reduction, e-commerce (EC), intellectual property and other related rules.
The agreement stipulates that RCEP will enter into force 60 days after ratification by at least six ASEAN member states and at least three non-ASEAN member states.
According to the website of the Australian Department of Foreign Affairs and Trade, the ASEAN countries that have ratified the agreement so far include Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam.
Outside of ASEAN, China, Japan, Australia and New Zealand have also ratified the agreement.