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[Updated] The Implementation of RCEP Agreement — How the Agreement Affects the Food Industry of the APAC Countries Involved

The RCEP Agreement is now the world’s largest free trade agreement. Once this Agreement comes into effect, over 90% of cargo trade among the 15 APAC countries will enjoy zero tariffs eventually. Frozen pork, pet food and its feed additives, beer and spirits are four categories ChemLinked believe will have a broader market in China with faster growth rates.

[Updated] On Nov. 2, 2021, the ASEAN Secretariat announced that it has received Instruments of Ratification/Acceptance from six ASEAN Member States – Brunei Darussalam, Cambodia, Lao PDR, Singapore, Thailand, and Viet Nam – as well as from four non-ASEAN signatory States – Australia, China, Japan, and New Zealand. According to the Agreement, the Regional Comprehensive Economic Partnership (RCEP) agreement will enter into force for the ten countries first on Jan. 1, 2022.

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