Regional Comprehensive Economic Partnership
a.k.a. RCEP
A free-trade agreement between China, Japan, South Korea, Australia, New Zealand and the ten ASEAN countries.
The Regional Comprehensive Economic Partnership (RCEP) is a trade deal linking 15 Asia-Pacific economies, including China, Japan, South Korea, Australia, New Zealand and the Southeast Asian (ASEAN) nations. It came into force in 2022 and covers a huge share of the world's population and output.
It lowers tariffs and simplifies rules for goods moving between members, which encourages trade within Asia. Over time, that can shift trade flows, and with them demand for the region's currencies.
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