Chairman Kobayashi’s Comments on Entry into Force of RCEP Agreement

November 4, 2021

I welcome the decision to bring the Regional Comprehensive Economic Partnership (RCEP) agreement into force on January 1, 2022, and the resulting birth of a huge free trade region that will account for about 30 percent of the world’s trade.

I have high expectations for the vitalization of trade and investment activities and the formation of resilient and efficient supply chains in Asia. These will be realized through the elimination of tariffs, protection of intellectual property rights, establishment of rules for electronic commerce, and easing of restrictions on foreign investment based on the RCEP agreement. For Japan, the RCEP is also significant inasmuch as it represents our first free trade agreement with China and Korea, our largest and third largest trade partners respectively.

I would like the Japanese government to play a leading role in building a free and fair economic order in Asia and to continue to urge India to join the RCEP. Our leaders must demonstrate a firm commitment towards the realization of a free and open Indo-Pacific.