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Regional Comprehensive Economic Partnership facts for kids

Kids Encyclopedia Facts

The Regional Comprehensive Economic Partnership (RCEP) is a big agreement between many countries in the Asia-Pacific region. Think of it as a special club that helps these countries trade with each other more easily.

This club includes the ten countries from ASEAN: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It also includes five other countries that often trade with ASEAN: Australia, China, Japan, New Zealand, and South Korea.

Together, these 15 countries make up about 30% of the world's population and produce 30% of all the goods and services globally. This makes RCEP the largest trade bloc in the world. A trade bloc is a group of countries that agree to reduce or remove barriers to trade among themselves.

The RCEP agreement was officially signed on November 15, 2020, during an online meeting hosted by Vietnam. It was expected to start working within two years after that date.

Images for kids

  • Logo RCEP

    Logo of the Regional Comprehensive Economic Partnership

See also

Kids robot.svg In Spanish: Asociación Económica Integral Regional para niños

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