BEIJING — The Regional Comprehensive Economic Partnership (RCEP) agreement will take effect on Jan 1, 2022, according to the Ministry of Commerce.

The Regional Comprehensive Economic Partnership (RCEP) was signed last year by 15 Asia-Pacific countries. The countries are the 10 members of the Association of Southeast Asian Nations and five of their largest trading partners China, Japan, South Korea, Australia and New Zealand.

Covering 20 chapters relating to trade in goods and services, movement of people, investment, intellectual property, e-commerce, competition, government procurement and dispute settlement, RCEP will create new trade and investment opportunities among the participating countries that represent roughly 30% of the world's population.

"RCEP" will take effect in 10 member states on Jan 1－Japan, Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, Australia, China and New Zealand. It will enter into force for the other five members 60 days after official deposition of ratification, acceptance, or approval. South Korea will see it take effect on Feb 1.

The RCEP rules allow products to enjoy lower or zero tariffs more easily than many other free trade agreements.