The Regional Comprehensive Economic Partnership or RCEP has been given new impetus with the U.S. withdrawal from the TPP negotiations.
This RCEP trade deal comprises the countries of the Association of South East Asian Nations as well as Australia, China, India, New Zealand, Japan and South Korea. This summates to a total population of 3.5 billion and almost 30 percent of global GDP.
Australia should embrace RCEP, it has the potential to lower tariffs and improve access to markets in our region. The countries included in the agreement account for almost 60 percent of our two-way trade and over 56 percent of our goods and services exports. Members hope that the deal will be signed by the end of the year.
For more on the RCEP agreement watch the video below.