The Business Council of Australia welcomes the opportunity to contribute to the first General Review of the Regional Comprehensive Economic Partnership (RCEP) being conducted by the Department of Foreign Affairs and Trade.
At a time of global economic uncertainty, strengthening Australia’s trade and investment relationships and supporting a rules-based trading system remain critical to Australia’s economic prosperity and resilience.
As the world’s largest free trade agreement, encompassing around 30 per cent of global GDP, RCEP plays an important role in supporting regional economic integration and providing greater stability and certainty for trade and investment.
While RCEP provides an important foundation for regional trade and investment, non-tariff barriers and regulatory complexities continue to increase the costs of doing business across the region.
This submission outlines opportunities to improve RCEP’s utilisation and commercial value through practical reforms that reduce trade barriers, facilitate cross-border investment and strengthen economic cooperation in emerging areas.
- Recommendation 3: Modernise RCEP to strengthen economic cooperation in emerging areas, including digital trade, technology and the green economy.
- Recommendation 1: Reduce non-tariff barriers, streamline and digitalise customs processes, and build on RCEP’s common rules of origin.
- Recommendation 2: Strengthen investment facilitation by reducing regulatory barriers and improving the transparency and predictability of investment approval processes.