The Regional Comprehensive Economic Partnership (RCEP) goes into effect on January 1, 2022, and will serve as an economic growth engine for the entire ASEAN region through freer trade and a massive reduction in tariffs.
Other nations including the UK, Canada, and Chile have also expressed interest in joining the trade pact, and there is some hope that India will reverse course and rejoin the RCEP as well.
So what is the RCEP, and how will it boost economic development and the recovery of regional trade in Southeast Asia? Which nations will see the largest impact? And will it help thaw the trade relationship between the U.S. and China?