The Regional Comprehensive Economic Partnership (RCEP) is the world’s largest free trade agreement, bringing together 15 countries in the Asia-Pacific. These economies together represent about 30% of global GDP, 30% of global trade, and more than 2.3 billion people. RCEP entered into force in January 2022 and is seen as a major step toward deeper regional economic integration.

The agreement covers a wide range of economic activities. It reduces tariffs on up to 90% of goods over 20 years, simplifies customs procedures, and harmonizes rules of origin, which allow businesses to qualify for lower tariff more easily across the entire bloc. This makes RCEP especially valuable for companies involved in regional value chains, where parts and components are sourced and assembled in different countries. Unlike many other trade 1 agreements, RCEP has a dedicated chapter on economic and technical cooperation. This chapter enables capacity building, policy dialogue, and technical assistance for ASEAN’s less developed members.

Yet, despite its monumental scope and profound promise, RCEP's full potential remains largely untapped. This is precisely why we urgently need an RCEP Leaders' Summit – and we need it now, if possible during the upcoming 47th ASEAN Summit and Related Meetings in October 2025.