The Regional Comprehensive Economic Partnership (RCEP)

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 Southeast Asian nations. It aims to reduce tariffs, facilitate easier trade, and promote economic cooperation among member countries. RCEP is designed to create a more integrated market, boost economic growth, and improve competitiveness by streamlining trade rules and standards. Essentially, it helps these countries trade more freely and efficiently, encouraging investments and economic development across the region.