RCEP, driven by ASEAN, is an FTA between ASEAN and ASEAN’s FTA partners -
Australia-New Zealand, China, South Korea, Japan and India1. It is envisaged to be a
high-quality and mutually beneficial economic partnership agreement that will broaden and
deepen current FTA engagements. It is expected to be concluded by end-2015 and will
involve a region accounting for almost half of the global market and about a third of the
world’s economic output. It is based on an open accession clause and welcomes participation
by any ASEAN FTA partner who chooses to participate later.