ASIA: Hong Kong Makes Official Application to Join the RCEP
08 March 2022
Hong Kong has started proceedings to join the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade bloc that commenced on 1 January 2022, comprising 15 countries including China, Australia, Japan, New Zealand, South Korea, and the ASEAN states of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Membership enables tariff reductions and exemptions, streamlined customs procedures, strengthened supply chains, and enhanced cross-border investments, among other benefits.
As well as raising Hong Kong’s status as an entrepôt trade hub, RCEP offers opportunities for the professional sectors, such as law and finance, and is expected to enhance Hong Kong’s position as a centre for education, services and international arbitration. The city is also well-positioned as a Chinese currency settlement centre for RCEP member states, being the biggest offshore Chinese yuan trading hub in the world.
- Hong Kong
- Mainland China
- Hong Kong
- Korea, Republic Of
- New Zealand
- Brunei Darussalam
- Viet Nam