What does RCEP mean?

RCEP stands for Regional Comprehensive Economic Partnership, which is a trade agreement among 15 Asia-Pacific countries, including China, Japan, South Korea, Australia, New Zealand, and the 10 members of the Association of Southeast Asian Nations (ASEAN). The RCEP aims to reduce tariffs, promote investment, and streamline trade rules within the region, creating a more integrated and efficient economic bloc. The agreement covers a wide range of sectors, including goods, services, investment, intellectual property, and e-commerce, and is expected to have significant implications for global trade and investment patterns. The RCEP is seen as a significant step towards greater regional economic integration and cooperation in the Asia-Pacific region.