The Regional Comprehensive Economic Partnership Agreement (RCEP) is a free trade agreement between 15 countries in the Asia-Pacific region, including Hong Kong. The deal aims to boost trade, investment, and economic growth in the region by reducing tariffs and other trade barriers.
The RCEP negotiations began in 2012 and were completed in November 2020, with the signing of the agreement by all participating countries. The agreement is expected to come into effect in early 2022.
Under the RCEP, Hong Kong will benefit from increased access to markets in the region, particularly in countries with which it does not already have free trade agreements. The agreement also includes provisions on intellectual property, e-commerce, and government procurement, among others.
In addition to its economic benefits, the RCEP is seen as a way to counter the growing influence of China in the region. China is the largest economy in the RCEP and played a major role in negotiating and finalizing the agreement.
However, the RCEP has faced criticism from some quarters for its potential negative impact on workers` rights and the environment. Critics argue that the agreement could lead to a race to the bottom in terms of labor and environmental standards, as countries compete to attract investment.
Despite these concerns, the RCEP is seen as a positive development for Hong Kong and the region as a whole. The agreement will help to promote economic integration and cooperation, and could ultimately lead to greater prosperity and stability in the Asia-Pacific region.
