22.03.22Malaysia Becomes 12th Country to Implement RCEP

The Regional Comprehensive Economic Partnership (RCEP), the world's largest trade deal so far, went into effect in Malaysia on Friday.

RCEP took effect on January 1, 2022 to create the world's largest free trade zone in terms of trade volume or population, covering a market amounting to 30% of the world's gross domestic product. It covers, amongst others:

1. Elimination or reduction of import duties;
2. Promotion, facilitation, protection and investment liberalization;
3. Protection of intellectual property rights, facilitation in e-Commerce; and
4. Economic and technical cooperation.

Malaysia became the 12th signatory country to implement the RCEP Agreement, following Singapore, China, Japan, Brunei, Cambodia, Laos, Thailand, Vietnam, Australia, New Zealand and South Korea.