Regional Comprehensive Economic Partnership facts for kids
The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement in the Asia-Pacific region between the ten ASEAN states (i.e. 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 15 member countries are responsible for 30% of the world's population and 30% of global GDP, making it the largest trade bloc.
It was signed at the Vietnam-hosted virtual ASEAN Summit on 15 November 2020, and is expected to take effect within two years.
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Regional Comprehensive Economic Partnership Facts for Kids. Kiddle Encyclopedia.