ASEANDiplomacyGlobal Trade

China and ASEAN push for timely RCEP start as Jan. 1 looms

By September 20, 2021December 5th, 2023No Comments
The skyline of Singapore’s central business district shines at dusk, with the PSA International Port terminal in the foreground. The country is one of the few to have already implemented the necessary procedures for the RCEP. ©Reuters

The economic importance of the RCEP is massive for Southeast Asia as a region and stands to add $500 billion annually to global trade within a decade. Most importantly, it will also make markets more efficient by leveraging technology, supply chains, agriculture production, and manufacturing, while further connecting about 1/3 of the global population.

With the ongoing friction between the US and China and the prolonged effects of COVID-19 on regional economies, the looming January 1 implementation date is becoming much more pressing for ASEAN leaders.