Regional Trade Pact RCEP Takes Effect for Indonesia

What’s new: Indonesia’s participation in the Regional Comprehensive Economic Partnership (RCEP) took effect Monday, according to the country’s Ministry of Trade. RCEP is the world’s largest free trade agreement covering about a third of the world’s population and GDP.

With Indonesia aboard, the trade deal has entered into force for 14 of the 15 participating countries, namely China, Japan, South Korea, New Zealand, Australia and 10 members of the Association of Southeast Asian Nations (ASEAN) — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The Philippines hasn’t ratified the agreement.