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ECONOMY > Trade

RCEP to go into effect on January 1

  • November 3, 2021
  • , TBS
  • JMH Summary

TBS reported that the Australian Department of Foreign Affairs and Trade announced on Tuesday that following the ratification of the Regional Comprehensive Economic Partnership Agreement (RCEP) by Australia and New Zealand, the free trade agreement will go into effect on Jan. 1, 2022. The network said RCEP will create a free trade zone that will account for about 30% of the world’s GDP and was signed by 15 nations in November 2020. The network said this will be Japan’s first free trade agreement with China and South Korea. Since more than 90% of the tariffs on Japanese industrial products will be abolished, the GOJ expects that the agreement will boost Japan’s GDP by about 15 trillion yen. 

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