RCEP (Regional Comprehensive Economic Partnership)

The Regional Comprehensive Economic Partnership (RCEP) is a trade agreement among 15 countries in Asia and the Pacific, including China, Japan, South Korea, Australia, and ASEAN nations. It aims to reduce tariffs, streamline trade rules, and promote economic cooperation, making it easier and cheaper for businesses to trade across member countries. RCEP helps boost economic growth by opening markets, creating jobs, and encouraging investment. Essentially, it’s a framework that fosters closer economic integration in the region, benefiting both companies and consumers through increased trade and cooperation.