“New Zealand’s ratification yesterday will further accelerate our COVID economic recovery,” Phil Twyford said.

Twyford noted that the deal will unlock huge economic benefits for exporters and businesses, provide the oppotunity to get their products into RCEP-wide regional value chains, as well as new market access to China and ASEAN countries.

 RCEP negotiations were launched in 2012 by the 10 ASEAN countries and six dialogue partners including Australia, China, India, Japan, South Korea and New Zealand. The third RCEP leaders meeting was held in Bangkok, Thailand in November 2019 during which a joint statement was issued, announcing that 15 countries, except India, have concluded all textual negotiations and moved forward market access negotiations. In November 2020, 15 RCEP member states formally signed the agreement.

According to the agreement, RCEP will be mutually effective between the approved countries after 6 ASEAN member states and 3 non-ASEAN member states legally approve the deal.

Source：Xinhua News