"RCEP" implication to Hong Kong and Region
On January 1, 2022, Regional Comprehensive Economic Partnership (RCEP) came into effect. This marks the official launching of the largest population, largest trading, and the greatest development potential free trade zone in the world. The 6 ASEAN member states including Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam and the 4 non-ASEAN member states including China, Japan, New Zealand, and Australia can enjoy the reduced import costs and increased export opportunities brought by the reduction of tariffs. It plays a very important role in promoting economic integration and promoting regional economic development within these regions. But how does this help Hong Kong's economic development?