The World's Largest Trade Agreement Will Go into Effect Next Year

2021-11-05

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Summary：The world's largest trade agreement will go into effect in January of next year.

Compass Cambodia report - The world's largest trade agreement will go into effect in January of next year. Meanwhile, Australia and New Zealand have also declared that they have approved the pact.

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Australia stated in a statement on November 2 that its ratification, together with New Zealand's, set the route for the agreement to enter into force on January 1, 2022, and allowed RCEP to accomplish a "milestone."

Last year, 15 Asia-Pacific nations joined the Regional Comprehensive Economic Partnership, or RCEP. The nations are the Association of Southeast Asian Nations' ten members, as well as five of its main commercial partners, China, Japan, South Korea, Australia, and New Zealand.

It is worth mentioning that the RCEP will enter into effect 60 days following ratification by at least six ASEAN states and three non-ASEAN signatories.

The RCEP includes 2.2 billion people and $26.2 trillion in global production. The collaboration will result in a trade organization that will encompass around 30% of the world's population as well as the global economy.

Source: Compass Cambodia comprehensive arrangement, CNBC

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