What is RCEP?
RCEP is regional economic partnership agreement. This is a high level free-trade agreement initiated by ten countries of ASEAN, in cooperation with China, Australia, Japan, South Korea and New Zealand, total 15 countries. The agreement is officially signed on November 15, 2022. It is currently the largest free trade agreement in the world. It cover 2.3 billion people, representing about 30% of the world’s total population with a total GDP of $28.5 trillion accounted for approximately 3% of world GDP, 1% of total trade volume is $10.7 trillion – approximately 30% of the global trade volume.
The objective of RCEP is to create a single market by reducing tax and non-tariff barriers. After approval and entry into force of member states, tariffs on most goods in member states are reduced to zero. Until now 6 ASEAN member countries (including Thailand, Laos, Singapore, Brunei, Cambodia, Vietnam) and 4 non-ASEAN member countries (China, New Zealand, Australia, Japan) have reached a free trade agreement after the agreement come into force, Thailand will add more than 29,000 products to meet duty free export policy.
RCEP is Thailand’s 14th free trade agreement. The signing and entry into force of the RCEP gives Thailand a more prominent manufacturing and export advantage, and bring more investment opportunities.
At a meeting held on 22nd November, the two sides announced the establishment of a comprehensive China-ASEAN strategic partnership. In addition, the establishment of this relationship has created unlimited space for future cooperation.
Borthong Industrial Estate Thailand welcomes many Chinese entrepreneurs to invest in manufacturing in Thailand and look for business opportunities.
For further enquiries, please contact Borthong Industrial Estate.