Regional Comprehensive Economic Partnership (RCEP)

Last weekend the RCEP was signed, ending a lengthy negotiation and bringing renewed cooperation on trade in goods and services across the Asia-Pacific region.

This agreement reinforces and deepens commitments to liberalised trade at a time of uncertainty and increased protectionism. Disappointingly India withdrew before conclusion of the agreement. For our sector, RCEP offers enhanced transparency on import licensing procedures, but no new tariff rate cuts as these are covered under existing Free Trade Agreements, with most tariffs already or due to be eliminated.