Myanmar joined the Regional Comprehensive Economic Partnership (RCEP), which was signed by China, Japan, South Korea, Australia, New Zealand and the 10 members of ASEAN on 15th Nov.

The accord aims to liberalize trade and investment across the Asia-Pacific region by removing and reducing tariffs, especially on industrial and agricultural products, and setting out new rules on government procurement, competition policy, e-commerce, trade, data transmission and intellectual property.

RCEP countries account for 30 percent of the global population and the deal is expected to cover 2.2 billion consumers.

Myanmar State Counselor Daw Aung San Suu Kyi said the RCEP would provide a new driving force that will accelerate the facilitation of trade and investment as part of a well-functioning, highly efficient, rules-based multilateral trading system.

She promised that Myanmar would exert the utmost effort to realize the full implementation of the provisions contained within the RCEP Agreement.

Source: The Irrawaddy