1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i The Regional Comprehensive Economic Partnership: Status and Recent Developments Updated November 19, 2020 The Regional Comprehensive Economic Partnership (RCEP) is a regional trade agreement between the ten members of the
2、Association of Southeast Asian Nations (ASEAN) and five of their individual FTA partnersAustralia, China, Japan, New Zealand, and South Korea. After eight years of challenging talks, the agreement was signed on November 15, 2020, at the 4th RCEP Summit, hosted by Vietnam. Many viewed RCEPs signing a
3、s an achievement for the multilateral trading system, which faces myriad challenges, including a global economic slowdown and rising protectionism and trade disputes. It also follows the recent entry into force of “mega-regional” trade deals, including the Comprehensive and Progressive Agreement for
4、 Trans-Pacific Partnership (CPTPP or TPP-11), which includes seven RCEP members (Figure 1). Although RCEP is generally less comprehensive than other agreements, including TPP-11, its members constitute approximately 30% of global trade and GDP, giving it the potential to restructure some trade patte
