Regional Comprehensive Economic Partnership (RCEP)-cover tape|carrier tapes|NEXTECK

Regional Comprehensive Economic Partnership (RCEP)

The RCEP was signed on 15^th November, 2020, 8 years after a marathon long negotiation. Singaporean prime minister Lee Hsien Loong called it "a major step forward for our region" and a sign of support for free trade and economic interdependence.

China premier Li Keqiang declared it "a victory of multilateralism and free trade". Surely it will benefit the whole Asia Pacific region and 90% of tariff and duty will be reduced to “0”, which will help semiconductors and packing materials like Tape & reel of cover tape, carrier tape supplied by Nexteck Singapore Pte Ltd., to support customers to cost down.

It is Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement in the Asia-Pacific region between the ten ASEAN states of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam and five of their FTA partners—Australia, China, Japan, New Zealand, and South Korea. The 15 member countries account for about 30% of the world's population and GDP, making it the largest trade bloc. It was signed at the Vietnam-hosted virtual ASEAN Summit on 15 November 2020, and is expected to take effect within two years, after it has been ratified by the member countries.

The RCEP is the first free trade agreement between China, Japan, and South Korea (three of the four largest economies in Asia), and is the first multilateral free trade agreement to include China. At the time it was signed, analysts predicted it would help stimulate the economy amid the COVID-19 pandemic, and "pull the economic centre of gravity towards Asia. Which help to reduce our (www.nexteck.com.sg) cost of raw materials of jumble rolls of sheets for cover tape and carriers import from Japan.

The agreement is intended to reduce tariffs and red tape. It includes unified rules of origin throughout the bloc, which may facilitate international supply chains and trade within the region. It also prohibits certain tariffs. It does not focus on labour unions, environmental protection, or government subsidies.

The RCEP is not as comprehensive as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, another free trade agreement in the region that includes some of the same countries. According to a 2020 projection, the agreement is expected to increase the global economy by US$186 billion.

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