At the beginning of January 2023, a colossus of the world economy celebrates its birthday. A year ago, the world’s largest free trade zone, the Regional Comprehensive Economic Partnership (RCEP), came into force in the Asia-Pacific region. Know more:
AT the beginning of January 2023, a colossus of the world economy celebrates its birthday. A year ago, the world’s largest free trade zone, the Regional Comprehensive Economic Partnership , came into force in the Asia-Pacific region.
But a year after the start, it is clear that not everything is going as planned at the RCEP. The necessary forms are missing in order to be able to use the provisions of the free trade zone. In some customs offices, officials still don’t know how the new regulations actually work, our correspondents from Southeast Asia and Japan report. The confusion also arises from the fact that many of the countries are already part of other bilateral and multilateral agreements.China 18.
As a result, Beijing has to look around for other export markets and tie its partners in Asia more closely to itself. Hong Kong SAR is also currently preparing to join the RCEP. Because even if China is an unpleasant neighbor politically, the economic giant is always economically important for the region.
The RCEP started taking effect in the various jurisdictions on January 1. Participants include the 10 members of the Association of Southeast Asian Nations, Australia, China, Japan, South Korea, and New Zealand.
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