RCEP: Can Multilateralism Lead to Economic Growth in Asia Pacific?

Accounting for nearly a third of the world’s population and almost 30% of global GDP, the Regional Comprehensive Economic Partnership (RCEP) entered into force on January 1, 2022. This free trade agreement includes 15 countries from Asia Pacific, forming the world’s largest trading bloc. Initially conceived by ASEAN as a means of bringing its pre-existing regional trade partners together under a comprehensive economic agreement, RCEP is expected to add US$200 billion to global GDP annually by 2030.

This report aims to explore the various opportunities and challenges this new agreement will bring to the region. It will consider the likely impact on the region’s economy, politics and practical implications for businesses. In a time when many economies are turning away from multilateralism, will RCEP prove these skeptics wrong? Can it represent an opportunity to leverage liberalized trade and supply chain optimization while kick-starting Asia Pacific’s economies?

The Cheung Kong Graduate School of Business has convened experts in the region to share insights on how RCEP will change the economic and political landscape of Asia Pacific and how businesses can practically benefit from the agreement.

Table of Contents

1. RCEP: A Milestone in Multilateral Global Relations
2. China’s New Challenges and Opportunities through RCEP
3. The Strategic Considerations of China Joining RCEP
4. Thailand, ASEAN and RCEP: Opportunities for Further Integration
5. RCEP is a Gargantuan Trade Deal but Will Economies be Able to Make the Most of It?
6. China’s Leading Role in Building RCEP’s Cross-Border Digital Payment System
7. Expanding the Reach of Chinese Innovations in the RCEP Region
8. Can RCEP Facilitate an Integrated Digital Economy?
9. RCEP- A Key Milestone for Economic Integration in the Most Dynamic Growth Center in the World
10. What Does RCEP Mean for Indonesia?
11. Enhancing Trade Exchange Between Indonesia and China
12. Opportunities for Australian Agriculture in RCEP
13. Building Better Trade Links Between China and The Philippines
14. RCEP- A Chance for Indonesia to Elevate Its Exports
15. Opportunities for Growth in Food Trade between Malaysia and China
16. RCEP and China’s Dual Circulation Strategy
17. RCEP and the Rise of the Nickel-Based Industry
18. How RCEP Will Shape the Recovery of Asia’s Economy and Service Industries
19. RCEP’s Key Provisions for Corporate Asia
20. The Lubricant for the Giant Wheel: The Role of Business Education Institutions in RCEP