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  • A Remark on the signing of the Regional Comprehensive Economic Partnership Agreement (RCEP)
    2020-11-16 hit 806

    A Remark on the signing of the Regional Comprehensive Economic Partnership Agreement (RCEP)

     

    The Korea International Trade Association (Chairman: Kim Young-ju) welcomes the signing of the Regional Comprehensive Economic Partnership Agreement (RCEP) and looks forward to expanding East Asian economic cooperation and securing a stable foundation for trade investment through RCEP.

     

    RCEP is the world's largest free trade agreement (FTA) signed by 15 major countries in the Asia-Pacific region, which account for 30 percent of the world's population and 30 percent of the world's gross domestic product (GDP). In addition, it is meaningful as the first mega FTA concluded by Korea and it will bring positive effects to the Korean economy in many ways.

     

    First, it is expected that this agreement will upgrade the terms of trade of the existing free trade agreements with the countries such as ASEAN and China.

     

    Second, it is meaningful as it is the first FTA with Japan, which was the only RCEP member country that did not signed a FTA with Korea. We hope that the conclusion of this agreement will serve as a new opportunity to restore strained Korea-Japan relations.

     

    Third, as RCEP member countries are organically connected in the supply chain of raw materials, intermediate goods, and consumer goods to form a complementary trade structure, it is expected that this agreement will increase trade investment.

     

    Korea's share of trade with RCEP member countries has steadily increased over the past 10 years, reaching 49.2 percent in the first to third quarters of this year. In addition, the Korean economy needs to actively utilize this agreement with a forward-looking attitude as the third largest RCEP member country following China and Japan in both GDP and trade.

     

    Now, we hope that the government and the National Assembly will work hard to bring the RCEP into effect in the near future. The Korea International Trade Association will also take the lead in creating jobs and revitalizing the economy by increasing exports.


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