RCEP includes China, Japan, South Korea, Australia, New Zealand and the 10 members of the Association of South East Asian Nations (ASEAN) – Brunei, Vietnam, Laos, Cambodia, Thailand, Myanmar, Malaysia, Singapore, Indonesia and the Philippines.
One of the deal’s biggest draws is that its members already have various bilateral or multilateral agreements in place, so RCEP builds on those foundations.

It will allow for one set of rules of origin to qualify for tariffs reduction with other RCEP members. A common set of regulations mean less procedures and easier movement of goods.

This encourages multinational firms to invest more in the region, including building supply chains and distribution hubs.