Introduction

RCEP is a significant ASEAN-led regional free trade agreement that enhances Australia and New Zealand’s existing trade relationships with 13 Indo-Pacific nations. Effective from 1 January 2022, RCEP is now the world’s largest trade pact by members’ GDP. RCEP's potential lies in its 15 participating countries, representing nearly half the world’s population and a significant share of global GDP and exports.

For RCEP Parties, the agreement:

  • Offers improved access and rules, fostering trade and investment in the Indo-Pacific's vibrant market.
  • Offers a comprehensive framework covering goods, services, investment, and various economic aspects, including e-commerce and SMEs.
  • Facilitates trade and investment, prioritising transparency, and SME involvement in global supply chains. It builds upon existing ASEAN+1 FTAs, aiming to bridge development gaps among parties.

As RCEP coexists with AANZFTA, businesses can choose between agreements based on factors including tariffs and rules of origin.

To learn more about benefits of RCEP and the ASEAN Secretariat’s role in supporting the implementation of the Agreement, please visit ASEAN's RCEP website for further information.

Visit Australian Government - Department of Foreign Affairs and Trade (RCEP) for more information.

Visit New Zealand Government - Foreign Affairs and Trade (RCEP) for more information.

How does RCEP Implementation Support Program (RISP) Work?

The RT4D Facility facilitates and supports the development and implementation of the economic and technical support chapter in the RCEP.

Process

  1. Call for Proposals from RCEP Parties
  2. Project Approval
  3. Project Design and Implementation

Focus on Lesser Developed ASEAN Member States:

  • RISP places special emphasis on supporting lesser-developed ASEAN economies.
  • The RT4D Facility provides dedicated support through its Country Managers specifically for Cambodia, Laos and Vietnam (CLV).

Project Priorities:

RISP prioritises projects that:

  • Provide capacity building and technical assistance to lesser-developed ASEAN economies.
  • Strengthen economic cooperation and dialogue to support key RCEP provisions.
  • Raise public awareness about RCEP benefits and impact, especially for Micro, Small and Medium Enterprises (MSMEs)
  • Enhance cooperation with regional and international organisations aligned with RCEP goals.

RISP ensures inclusive and efficient implementation of the RCEP Agreement, with a strong focus on supporting lesser-developed ASEAN economies and fostering regional economic integration.