RCEP mega trade deal to take effect in January, Australia says
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Nikkei Asia - 3 November 2021
RCEP mega trade deal to take effect in January, Australia says
By Fumi Matsumoto
The Regional Comprehensive Economic Partnership, a major trade deal including Japan, China, ASEAN, Australia and other members, is set to take effect on Jan. 1, the Australian government has announced.
Australia and New Zealand have recently completed their procedures to participate.
RCEP comes into force 60 days after six of 10 ASEAN nations and three of five other countries submit depositions to ASEAN, which is serving as the wider trade bloc’s secretariat.
Australian Foreign Affairs Minister Marise Payne said in a statement issued on Tuesday that the requirement has been met now that Australia and New Zealand have ratified the agreement. New Zealand has yet to make an official announcement on the matter, but a source on Wednesday said the country has completed procedures.
According to the Australian trade ministry’s website, the countries that have ratified their RCEP participation are: Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, Australia, New Zealand, Japan and China.
