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The Regional Comprehensive Economic Partnership (RCEP) will officially take effect on January 1, 2022

The Regional Comprehensive Economic Partnership (RCEP) between 10 ASEAN member countries and 6 partners that already have an FTA with ASEAN, including China, Korea, Japan, India, Australia and New Zealand, was launched from 2013. In November, 2019, the member countries basically completed the negotiation on the RCEP document (except India - announced to withdraw from this Agreement). On November 15, 2020, 15 RCEP member countries (excluding India) signed the RCEP.

According to the RCEP regulation, this Agreement will officially enter into force within 60 days after that at least 6 ASEAN member countries and 3 non-ASEAN member countries complete the ratification/approval of the Agreement and deposit it with the ASEAN General Secretary.

As of November 15, 2021, 06 ASEAN countries including  Singapore, Brunei, Laos, Cambodia, Thailand and Viet Nam and 04 partner countries: China, Japan, Australia and New Zealand, have deposited their instruments of approval/ratification of the RCEP Agreement with the ASEAN General Secretary. Thus, the RCEP Agreement will officially take effect on January 1, 2022.

This Agreement consists of 20 Chapters including Chapter 4 on Customs Procedures and Trade Facilitation.