RCEP: around China, soon the world's largest free trade zone

Fourth meeting of the Regional Comprehensive Economic Partnership (RCEP) during a virtual ASEAN summit in November 2020. AFP - NHAC NGUYEN

Text by: RFI Follow

1 min

The Regional Comprehensive Economic Partnership (RCEP) entered into force on Saturday January 1, 2022. This treaty between ten countries in Asia and the Pacific around China becomes the most important trade agreement in the world in terms of gross domestic product.

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With our correspondent in Beijing,

30% of the world's population, 30% of the GDP.

According to the Chinese state press, the

(

) is expected to quickly form the largest free trade area on the planet.

Ten countries are already in the game: Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, Vietnam.

South Korea could join from February.

Malaysia, the Philippines and Burma are also waiting to ratify this treaty, which also shines with its major absentees: the United States of course, on the Pacific side, India in South Asia and Europe.

RCEP: New Asia-Pacific Free Trade Area enters into force https://t.co/7UujikXMRU pic.twitter.com/OjSceb7gSY

- RFI (@RFI) January 2, 2022

According to the Chinese Minister of Commerce, Beijing has prepared at length to fulfill the more than 700 contractual obligations of the agreement, so as to absorb the negative impact on the Chinese economy.

This treaty provides for the elimination of 90% of customs tariffs between Member States.

A commercial and political agreement.

China also sees it as an opportunity to set up its normative system there, while securing its interests on its periphery.

►Read again: RCEP Free Trade Partnership, Beijing's offensive to ASEAN

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