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.
