Regional Comprehensive Economic Partnership (RCEP)

The Regional Comprehensive Economic Partnership (RCEP) is a multilateral economic partnership that encompasses nations in Northeast Asia, Southeast Asia (ASEAN), and Oceania. 

It provides for tariff elimination for about 92% of goods traded among RCEP Parties, including for:

• Electric motors, turbines and generators; 
• Mechanical equipment including pumps, appliances, and other advanced machinery; 
• Electric accumulators, transformers, capacitors, batteries; 
• Motor vehicles; 
• Mineral ore, slag and ash; 
• Mineral fuels, oils and other products; 
• Metals and their articles e.g. iron and steel; 
• Semiconductors devices and photovoltaic cells; 

Rule of origins apply to qualify for preferential tariff treatment, conditions to confer originating status include i. all non-originating materials used in the production of the good have undergone a change in tariff classification or ii. have a regional value content of not less than 40 per cent. 

Want to know more about this policy ? Learn more (Korean)