Creating an Economic Recovery After COVID-19: Does Regional Comprehensive Economic Partnership (RCEP) is a Booster on Asian Pacific Region?

Abstract

The Regional Comprehensive Economic Partnership (RCEP) aims to harmonise rules and regulations across many overlapping free trade agreements in the region in order to attract new members. It’s aims to strengthen Asean's relations with Australia, China, Japan, and New Zealand and made trade agreement's goal to create a contemporary, comprehensive, high-quality, and mutually advantageous economic cooperation that will help expand regional trade and investment while also contributing to the region's global economic growth and development. It does, however, confront a number of obstacles. Many people believe that the RCEP will be another low-quality regional trade agreement due to the inclusion of a flexibility concept and the 'ASEAN Way' of decision-making. The RCEP, on the other hand, gives all ASEAN members the opportunity to help establish the agenda for a regional agreement. As a result, despite its difficulties, ASEAN must make an effort to achieve an attractive RCEP in comparison to other regional agreements.