Comment: Australia joins RCEP – the big new deal comes over the horizon
Recent news on the international trade stage has been less than optimistic – especially for those Australian exporters who are held up by ongoing Chinese trade bans on some of our primary products and resources.
It appears to be a direct consequence of some diplomatic disagreements but, to date, falls short of a full trade war.
Evidence is that Australia and China among others have just signed what has been described as the largest free trade deal in history with our regional friends in the Regional Economic Partnership Agreement.
- RCEP will increase opportunities for Australian business to access regional value chains
- RCEP will include improved mechanisms for tackling non-tariff barriers
- RCEP will provide a strong platform to expand trade in services throughout the region
- RCEP will enhance rules governing financial services
- RCEP will include high-quality rules on telecommunications
- RCEP will support the movement of business people across the region
- RCEP will support the recognition of professional services in key markets
- RCEP will improve the investment environment across the RCEP region
- RCEP’s modern rules on e-commerce will position Australian businesses and consumers to capitalise on digital trade in the region
- RCEP will establish a common set of rules on intellectual property protection and enforcement for the RCEP region
- RCEP will provide a platform for improving the regulatory environment and business opportunities across the RCEP region
- RCEP will support economic capacity building and the capability of Small and Medium Enterprises in the region to benefit from the Agreement.
I will continue to provide details on these developments and future events. For further advice on any questions you may have, please contact our Customs & Trade team for further advice.
This article was first published in November 2020 by Daily Cargo News.