Send to Kindle
rcepsec.org
New Zealand and Australia have ratified the multilateral trade agreement, considered the largest in the world, said today the Minister of State for Trade and Export Growing of Wellington Phil Twiford.
"The ratification of New Zealand yesterday, together with Australia, triggered the entry into force of what will become the world's largest free trade agreement and further accelerate our economic recovery under COVID," Twyford said in a statement.
According to the official website of the Regional Comprehensive Economic Partnership (RCEP), the deal covers a market of 2.2 billion people with a total of 26.2 trillion US dollars or 30% of world GDP. The participants are the 10 members of the Association of Southeast Asian Nations (ASEAN) and their five partners in free trade agreements: Australia, China, Japan, New Zealand and South Korea.
"Businesses will be able to take advantage of RCEP's opportunities from the beginning of next year," the minister said.
RCEP accounts for more than half of New Zealand's exports. In particular, the agreement provides for a single set of rules for trade and investment throughout the RCEP region.
In the process of negotiations since 2013, the aim of the RCEP is to create an integrated market to facilitate the movement of products and services throughout the Asia-Pacific region. The agreement is expected to eliminate tariffs and quotas on more than 65% of traded goods and improve market access.
/BGNES
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
A horrifying attack unfolded in Sydney, Australia, as a yet-to-be-identified assailant stabbed several individuals, including a priest, during a church service in the Wakeley suburb
Foreign Minister Winston Peters of New Zealand announced on Friday the country's commitment to bolstering collaboration with NATO partners to uphold collective security
A three-year-old boy was rescued by the police after getting stuck in a large toy vending machine in Brisbane, Australia, reported by the BBC.
Australia Day, which is celebrated all over the world on January 26, was also celebrated in Bulgaria
The Bulgarian community in Australia with a petition to keep the Bulgarian program of SBS radio in Australia
New Zealand Prime Minister Jacinda Ardern will not seek re-election and plans to resign no later than early February, she said in a televised statement
As the summer season draws near, the issue of staffing in the tourism sector in Bulgaria comes to the forefront once again, with the workforce having to depend on individuals from foreign countries for yet another year
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Deputy Minister of Transport and Communications, Anna Natova, announced the commencement of construction for an outdoor parking lot at Terminal 2 of Sofia Airport
The Nuclear Regulatory Agency (NRA) has greenlit the phased transition to a new type of nuclear fuel for Unit 5 of Kozloduy Nuclear Power Plant (NPP), manufactured by Westinghouse
Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
Vacationing at the seaside, whether in our country or abroad, is reasonably priced
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
