The Regional Comprehensive Economic Partnership (RCEP)
Launched: Negotiations began in 2012; the agreement was signed in November 2020 and entered into force in January 2022.
Members: 15 Asia-Pacific nations, including the 10 ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and five of their FTA partners (Australia, China, Japan, New Zealand, and South Korea). India was initially involved but withdrew in 2019.
Purpose: To create the world's largest free trade area by harmonizing and building upon existing ASEAN+1 FTAs, aiming to reduce tariffs, streamline trade, and enhance economic integration among member countries.
Belt and Road Initiative (BRI)
Launched: Announced in 2013 by President Xi Jinping.
Scope: As of early 2024, over 140 countries have joined the BRI, encompassing nearly 75% of the global population…