Regional Comprehensive Economic Partnership (RCEP) -  Trade in Goods

This chapter contains two sections, i.e. a) General Provisions and Market Access for Goods, and b) Non-Tariff Measures. The ultimate outcome is to achieve a high level of trade liberalisation and market access among the RCEP parties.

Key salient points

• Each RCEP parties shall commit to reduce or eliminate its customs duties on originating goods of other Parties according to Schedule in Annex I (Schedules of Tariff Commitments).

• For non-tariff measures, this chapter covers general elimination of quantitative restrictions, greater transparency on the application of non-tariff measures, import licensing procedures and the application of fees and formalities connected with importation and exportation.

• Set out a process for Parties to conduct technical consultations on non-tariff measures that adversely affect trade between them and also provide for the possibility of future work to be undertaken on sector-specific initiative to facilitate greater trade.

Regional Comprehensive Economic Partnership (RCEP) - Can It Be A Game Changer? (Updated version as at 27 August 2021)

• 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.

• RCEP will only come into force after 9 signatory countries (a minimum of 6 from ASEAN, 3 from non-ASEAN) have ratified the agreement, which may take more than a year.

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