It is about January 1, 2022, when the “Regional Comprehensive Economic Partnership” ie RCEP, considered one of the world’s largest regional free trade agreements, once again attracted the attention of the world as soon as it came into force. The agreement, which represents 30 percent of the world’s population, is a symbol of how its 15 partner countries, with vast differences in political, economic and social systems, managed to bridge these differences during seven years of negotiations. The agreement was sealed in 2020. Meanwhile, the trade tension between the US and China was deepening and on the other hand a devastating virus (Kovid-19) was wreaking havoc, causing unprecedented disruption in global trade. In RCEP The conclusion of the dialogue is yet another example of the importance of constructive engagement to build mutual understanding and close the gap between states. In keeping with the principle of ASEAN centrality, the dialogue provided a forum for developing rules and procedures that helped the parties – large and small – scale their ambitions. The larger economies of the group were unable to fully exercise their power over the others as competing states were constrained by the process and pressure was reduced. This encourages supply chains across the region but also meets political sensitivities. Now that the RCEP agreement has entered into force, the parties will focus on the full implementation of their commitments. RCEP member countries agreed that economic and technical cooperation in RCEP should aim at narrowing development gaps and maximizing mutual benefits. The agreement aims to facilitate the expansion of regional trade and investment and contribute to global economic growth and development. This soft asset can be furthered through economic cooperation in various forms including dialogue on key issues, exchange of experts and joint research. RCEP economic security will help strengthen political security in the region. In times of great uncertainty, the RCEP Agreement provides an opportunity to prevent potential conflicts and instead focus on the common objectives of enhancing the economic, political and social well-being of RCEP citizens. RCEP includes trade in goods, trade in services, Includes chapters covering investment, economic and technical cooperation and electronic commerce, intellectual property, government procurement, competition and creating new dimensions for small and medium-sized enterprises to benefit from.(Reporter-Devendra Singh)
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