RCEP shows region stands together

  The Regional Comprehensive Economic Partnership agreement takes effect on Saturday. It establishes the world's largest free trade zone and is expected to have a far-reaching impact on regional trade facilitation and economic integration over the coming decades.

  Proposed by the Association of Southeast Asian Nations, the deal comprises the 10 member states of ASEAN plus the bloc's five dialogue partners — Australia, China, Japan, New Zealand and the Republic of Korea. The comprehensive high-level free trade pact, which covers market access commitments in goods, services and investment, accounts for about 30 percent of the world's total population, economy and trade. The deal is designed to eliminate 90 percent of the tariffs on goods traded between its members over the next 20 years, and the RCEP's commitments on trade in services are significantly higher than that of the original ASEAN + 1 free trade agreements.