At the fourth Regional Comprehensive Economic Partnership(RCEP)leaders’meeting on November 15,2020,its 15 member countries,including 10 from the Association of Southeast Asian Nations(ASEAN)plus China,Japan,South Korea,Australia and New Zealand,officially signed the agreement on the RCEP.On January 1,2022,the RCEP officially took effect for 10 countries that had submitted instruments of ratification,including Brunei,Cambodia,Laos,Singapore,Thailand,Vietnam,China,Japan,New Zealand,and Australia,followed by South Korea on February 1 and Malaysia on March 18.In the next stage,a more accurate comprehension of the RCEP,which serves better implementation of the agreement for greater regional economic integration,will greatly contribute to the restructuring of regional industrial and value chains and macroeconomic development of regional countries,and bring more policy benefits for businesses at the micro level.
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