RCEP takes effect for Korea as of February 1

Trade, Industry, and Energy Minister Moon Sung-wook announced that the Regional Comprehensive Economic Partnership Agreement (RCEP) takes effect as of February 1 in Korea. This is in accordance with Agreement provisions on going into force 60 days after parliamentary approval submission to the Secretariat.

The culmination of an 8-year negotiations involving a total of 15 countries, this trade deal is easily the world's largest FTA, covering approximately 30 percent of the world in terms of population and GDP.

It is anticipated that the RCEP pact will empower Korean companies to more effectively penetrate into markets with not just chief FTA products like automobiles, but also into the services sectors like online games, animation, movies, and music.

In order to see this fruition, MOTIE has continuously been fine-tuning the FTA springboard for building greater business momentums for domestic companies. One example is the amendment of laws involving the Act on the Investigation of Unfair International Trade Practices and Remedy against Injury to Industry. Additional measures encompass the development and launching of trade database systems (TradeNavi), distribution of RCEP Guidelines, and establishment of FTA Support Centers across major regions, including Seoul, Inchon, and Busan.

MOTIE plans to monitor companies' RCEP usage status and challenges in step with various relevant institutions through nationwide briefings, 1380 call center consultations, and wider provision of information. Joint efforts with regional RCEP member states will also be carried out to find prospective businesses and raise long-term RCEP capacity.