FKI "RCEP, Significant Aid to Economic Recovery of Member Countries"

[Asia Economy Reporter Kim Hyewon] The Federation of Korean Industries (FKI) 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 released that day, the FKI said, "This signing, achieved amid the global spread of protectionism due to the COVID-19 pandemic, is expected to greatly aid the economic recovery of countries within the region through the expansion of free trade in Asia."

The FKI added, "Although it is regrettable that India did not participate, this signing will introduce unified rules of origin among the 15 member countries and simplify procedures, which is expected to significantly alleviate difficulties faced by export companies."

Furthermore, the FKI stated, "The introduction of trade rules related to intellectual property rights and e-commerce will also greatly benefit our economy," and urged, "Taking this signing as an opportunity, the government should make greater efforts to expand our companies' trade territories, including reviewing future accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)."

It also added, "Our companies will also strive even harder toward the goal of becoming one of the top five export powers, using this RCEP signing as a stepping stone."

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