The Regional Comprehensive Economic Partnership (RCEP) free trade agreement is becoming a key contributor to regional and global economic growth in the post-COVID-19 pandemic era, a Cambodian academic said.
Entering into force on Jan. 1, 2022, the RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam-and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.
The pact will eliminate as much as 90 percent of the tariffs on goods traded among its signatories over the next 20 years.
Joseph Matthews, a senior professor at the BELTEI International University in Phnom Penh, said the world's largest free trade agreement has been giving a big boost to regional and global economic recovery in the post-pandemic era.
"This mega free trade agreement holds huge potential for all participating countries to boost their trade and investment ties and to quicken their economic recovery from the COVID-19 pandemic," he told Xinhua.
Produced by Xinhua Global Service