The Regional Comprehensive Economic Partnership (RCEP) is initiated by ASEAN in 2012 and developed by 15 members including China, Japan, South Korea, Australia, New Zealand and ten ASEAN countries.On November 15, 2020, the Fourth Regional Comprehensive Economic Partnership (RCS) Leaders' Meeting was held by video, after which the 10 ASEAN countries and 15 Asia-Pacific countries, including China, Japan, South Korea, Australia and New Zealand, formally signed the Agreement on Regional Comprehensive Economic Partnership. The signing of the Agreement on Regional Comprehensive Economic Partnership marks the official launch of the free trade area with the largest population, the largest economic and trade scale and the greatest development potential in the world.On March 22, 2021, the head of the International Department of the Ministry of Commerce said that China has completed the approval of RCEP, becoming the first country to ratify the agreement.
The Regional Comprehensive Economic Partnership (RCEP) came into force for Malaysia on 18 March 2022. From 18 March, China and Malaysia will reciprocally fulfill their commitments under the Agreement on the opening up of market access in goods, trade in services and investment, and fulfill their rules and obligations in various fields such as trade facilitation, e-commerce and intellectual property rights. The entry into force of the RCEP for Malaysia will effectively promote the mutually beneficial cooperation between China and Malaysia in trade and investment, bring more dividends to the enterprises and people of the two countries, and will also help the complementary and deep integration of the regional industrial chain supply chain, bringing new opportunities for promoting regional economic integration and promoting regional and global economic growth.On April 15, China formally deposited its approval letter for the Regional Comprehensive Economic Partnership Agreement with the ASEAN Secretary-General. On November 2, the ASEAN Secretariat, the custodian of the Regional Comprehensive Economic Partnership Agreement, issued a notice announcing that six ASEAN member countries, including Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam, and four non-ASEAN member countries, including China, Japan, New Zealand and Australia, had formally submitted their approval letters to the ASEAN Secretary-General, meeting the threshold for the entry into force of the agreement. On January 1, 2022, the Regional Comprehensive Economic Partnership (RCEP) officially entered into force, and the first batch of countries to enter into force include Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam and other ASEAN six countries and Non-ASEAN four countries such as China, Japan, New Zealand and Australia.
The RCEP will take effect for South Korea on February 1, 2022. Effective for Malaysia from 18 March 2022. On 20 March 2022, Japanese Prime Minister Fumio Kishida and Cambodian Prime Minister Hun Sen issued a Joint Statement after the Phnom Penh meeting, agreeing to strengthen cooperation and ensure the full implementation of the RCEP Agreement.