close
Share with your friends

Indo-Pacific countries sign free trade agreement

Indo-Pacific countries sign free trade agreement

Representatives of 15 countries on 15 November 2020 signed a free trade agreement—the Regional Comprehensive Economic Partnership (RCEP) Agreement.

1000

Related content

The RCEP agreement is the culmination of eight years of negotiations and was signed by certain ASEAN member nations (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and by ASEAN’s free trade agreement partners (Australia, China, Japan, New Zealand, and Republic of Korea).

According to a release from the Australian government, benefits under the trade agreement for Australia will be:

  • A new single set of rules and procedures for accessing preferential tariffs in any of the 15 RCEP markets
  • New scope for trade in services throughout the region including across telecommunications, professional and financial services
  • Improved mechanisms for tackling non-tariff barriers including in areas such as customs procedures, quarantine and technical standards
  • Greater investment certainty for businesses
  • Rules on e-commerce to make it easier for businesses to trade online
  • A common set of rules on intellectual property
  • Agreed rules of origin that will increase the competitiveness of Australian inputs into regional production chains


For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:

Doug Zuvich | +1 (312) 665-1022 | dzuvich@kpmg.com

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal