RCEP brings hope of economic recovery
(VOVWORLD) - The Regional Comprehensive Economic Partnership (RCEP) will come into force on Saturday to boost free trade in the world's largest free trade bloc, kindling hope for Japan and other signatories to recover their economies stifled by the COVID-19 pandemic.
 Cargo ships dock in Tokyo, Japan, on November 4, 2021. (Photo: AFP/ VNA) |
Japanese news agency Kyodo News cited a report by the United Nations Conference on Trade and Development as saying that Japan would benefit the most from RCEP tariff concessions, largely because of trade diversion effects.
The Japanese government predicts the trade pact will help push up its real GDP by 2.7% and add some 570,000 jobs. Japan's annual exports are expected to climb by about 20 billion USD, equivalent to almost a 5.5% increase from its 2019 exports to other RCEP members. The bloc’s trade revenue is predicted to grow by 2% or 42 billion USD.