With Asia intent on staying on the path of economic recovery in 2022, the Regional Comprehensive Economic Partnership (RCEP) can be a timely tool to foster regional integration and economic growth. CEP, partnering Southeast Asian nations with Australia, the People’s Republic of China, Japan, New Zealand, and the Republic of Korea, has the potential to strengthen manufacturing supply chains, raise productivity, and increase wages and employment.
RCEP was conceptualized in November 2012 to attain a comprehensive and mutually beneficial economic partnership agreement. After 8 years of negotiations, RCEP was signed on 15 November 2020. This laid a historic milestone on the road toward deeper economic integration. RCEP entered into force on 1 January 2022. It is nevertheless not the time to relax efforts. RCEP does not supersede existing free trade  agreements and expected gains will not be automatic. RCEP will be closely watched to see whether it delivers on greater liberalization and economic cooperation.