RCEP will be built on ASEAN’s experience and is expected to integrate all five of the
ASEAN+1 FTAs into a regional economic framework3. Being an ASEAN process, it will be
guided by the “ASEAN way” where objectives and commitments are driven by a consensus
process. RCEP is likely to be more accommodative of the development differences of the
member countries, thus providing flexibility and adjusting mechanisms in reaching the common
end-goals. In addition to liberalizing trade in goods, services and investment, it will pay
more attention to physical, institutional and people-to-people connectivity and to narrowing
development gaps and will be built in response to new developments, such as the emerging
international production networks.