KCCI Welcomes "RCEP, Expansion of Free Trade Bloc"

[Asia Economy Reporter Kim Hyewon] The Korea Chamber of Commerce and Industry (KCCI) welcomed South Korea's final signing of the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement (FTA), on the 15th.

In a statement, KCCI said, "We expect RCEP to be an expansion of a new free trade bloc and a foundation for revitalizing the Asia-Pacific regional economic market."

KCCI also emphasized, "In a situation where the World Trade Organization (WTO) multilateral trade system is not functioning properly, we expect RCEP, the world's largest mega FTA led by ASEAN, to contribute to the promotion of free trade."

KCCI stated, "Although India did not participate this time, RCEP can upgrade existing FTAs with major countries such as ASEAN, expand market opening, and enhance the convenience of utilizing FTAs."

They added, "In particular, by introducing a single rule of origin standard among the 15 member countries and incorporating an e-commerce chapter that was not included in the Korea-ASEAN FTA, it is expected to create a stable trading environment and promote the advancement of international norms."

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