{"id":38941,"date":"2021-12-16T14:08:36","date_gmt":"2021-12-16T14:08:36","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=38941"},"modified":"2021-12-16T14:08:37","modified_gmt":"2021-12-16T14:08:37","slug":"asia-pacifics-new-trade-agreement-kicks-off-2022","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/asia-pacifics-new-trade-agreement-kicks-off-2022\/","title":{"rendered":"Asia-Pacific\u2019s new trade agreement kicks off 2022"},"content":{"rendered":"<p>A new Asia-Pacific free trade agreement set to enter into force on 1 January 2022 will create the world\u2019s largest trading bloc by economic size, according to an UNCTAD study published on 15 December.<\/p>\n\n\n\n<p>The Regional Comprehensive Economic Partnership (RCEP) includes 15 East Asian and Pacific nations of different economic sizes and stages of development.<\/p>\n\n\n\n<p>They are Australia, Brunei Darussalam, Cambodia, China, Indonesia, Japan, the Republic of Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand and Viet Nam.<\/p>\n\n\n\n<p>The RCEP will become the largest trade agreement in the world as measured by the GDP of its members \u2013 almost of one third of the world\u2019s GDP.<\/p>\n\n\n\n<p>By comparison, other major regional trade agreements by share of global GDP are the South American trade bloc Mercosur (2.4%), Africa\u2019s continental free trade area (2.9%), the European Union (17.9%) and the United States-Mexico-Canada agreement (28%).<\/p>\n\n\n\n<p>UNCTAD\u2019s analysis shows that the RCEP\u2019s impact on international trade will be significant. \u201cThe economic size of the emerging bloc and its trade dynamism will make it a centre of gravity for global trade,\u201d the report says.<\/p>\n\n\n\n<p>Amid COVID-19, the entry into force of the RCEP can also promote trade resilience. Recent UNCTAD research shows that trade within such agreements has been relatively more resilient against the pandemic-induced global trade downturn.<\/p>\n\n\n\n<p>The agreement encompasses several areas of cooperation, with tariff concessions a central principle. It will eliminate 90% of tariffs within the bloc, and these concessions are key in understanding the initial impacts of the RCEP on trade, both inside and outside the bloc.<\/p>\n\n\n\n<p>Under the RCEP framework, trade liberalization will be achieved through gradual tariff reductions. While many tariffs will be abolished immediately, others will be reduced gradually during a 20-year period.<\/p>\n\n\n\n<p>The tariffs that remain in force will be mainly limited to specific products in strategic sectors, such as agriculture and the automotive industry, in which many of the RCEP members have opted out from trade liberalization commitments.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.hellenicshippingnews.com\/asia-pacific-partnership-creates-new-centre-of-gravity-for-global-trade\/\">More=Hellenicshipping=<\/a><\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-38941\" data-postid=\"38941\" class=\"themify_builder_content themify_builder_content-38941 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>A new Asia-Pacific free trade agreement set to enter into force on 1 January 2022 will create the world\u2019s largest trading bloc by economic size, according to an UNCTAD study published on 15 December. The Regional Comprehensive Economic Partnership (RCEP) includes 15 East Asian and Pacific nations of different economic sizes and stages of development. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":38942,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241,126],"tags":[1159],"class_list":["post-38941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-trade-and-industry","tag-asia-pacific","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Asia-Pacific\u2019s new trade agreement kicks off 2022 - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/asia-pacifics-new-trade-agreement-kicks-off-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asia-Pacific\u2019s new trade agreement kicks off 2022 - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"A new Asia-Pacific free trade agreement set to enter into force on 1 January 2022 will create the world\u2019s largest trading bloc by economic size, according to an UNCTAD study published on 15 December. The Regional Comprehensive Economic Partnership (RCEP) includes 15 East Asian and Pacific nations of different economic sizes and stages of development. 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