RCEP: Common rule of origin could boost regional trade by around USD90bn annually

　　【财新网】

　　Euler Hermes

　　17 November 2020

　　RCEP: Common rule of origin could boost regional trade by around USD90bn annually

　　From a geopolitical and symbolic perspective, the Regional Comprehensive Economic Partnership shows Asia-Pacific’s commitment to continuing multilateralism and harmonization. Encompassing the ten ASEAN countries, Australia, China, Japan, New Zealand and South Korea, the RCEP will cover around 30% of world GDP and population, making it the largest trade deal by these measures. It is the first multilateral free trade agreement to include China, illustrating the ‘international circulation’ component of the country’s dual circulation strategy (more details are available here). This will see China increasing its influence in the Asia-Pacific region, while the U.S. has been exhibiting a more protectionist trade policy in the past few years.