Australia and New Zealand disclosed that they are done ratifying the Regional Comprehensive Economic Partnership (RCEP).
The RCEP is the world’s biggest free trade among Southeast Asian countries and their major trading partners. The deal represents about 30% of the global population and Gross Domestic Product (GDP).
Australian Foreign Affairs Minister Marise Payne said that the partnership would help in strengthening the country’s trade ties and economic commitment with the Association of Southeast Asian Nations (ASEAN).
New Zealand’s Minister of State for Trade and Export Growth Phil Twyford stated that local businesses will be able to take advantage of different RCEP opportunities after its implementation next year.
The RCEP will take effect on January 1. It is expected to set common rules around the trade in goods and services, intellectual property, e-commerce, and competition with its member nations.