From the Document: "The Regional Comprehensive Economic Partnership (RCEP) is a trade agreement, signed in late 2020 after eight years of talks, among the ten members of the Association of Southeast Asian Nations (ASEAN)--Brunei, Burma (Myanmar), Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, and five ASEAN free trade agreement (FTA) partners--Australia, China, Japan, New Zealand, and South Korea. RCEP is to enter into force 60 days after ratification by six ASEAN and three non-ASEAN countries. Members aim for entry into force in early 2022; to date, China, Japan, Singapore, and Thailand have ratified the deal. RCEP follows the recent entry into force of 'megaregional' trade deals, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP or TPP-11), which includes seven RCEP members and four countries in the Americas. Although overall RCEP has less extensive commitments than other recent trade agreements (e.g., CPTPP or the U.S.-Mexico-Canada Agreement), many analysts view RCEP as an achievement for the multilateral trading system, which faces myriad challenges. The collective economic weight of its membership gives RCEP the potential to deepen some trade patterns and supply chains in Asia through lower trade costs and streamlined rules. Congress may consider how RCEP affects U.S. commercial and strategic interests, and if it affects the relevance of the United States in shaping trade rules and economic integration in Asia and globally."
CRS In Focus, IF11891
Congressional Research Service: https://crsreports.congress.gov/