What economic impact will RCEP have on Japan after it comes into effect

Since the RCEP agreement came into force, it has played an increasingly important role and its influence will gradually expand in the world.At the same time, the agreement brings the three major economies of China, Japan and South Korea into the same economic system for the first time. It is also the first direct economic free trade agreement between Japan and China.Apparently, it has circumvented the U.S. ‘s attacks on South Korea and Japan, which have been targeting China’s efforts to build a trilateral free trade zone.As Japan’s largest trading partner, China is also Japan’s largest market.The Japanese government has high expectations for THE RCEP, and South Korea, as Japan’s third largest trading partner, is also involved in the trade.Japan’s business community has reacted positively to the deal, saying it could boost Japan’s GDP by 2-3%.The scope of tariff reduction is a matter of concern to the entire Japanese business.The agreement will accelerate the process of mutual reduction of trade tariffs, regionalization of investment and capital flow between China, Japan and South Korea, and will greatly increase the number of cooperative contracts between regions.RCEP is currently the world’s largest free trade agreement, with 15 member countries, inestimable economic potential and a huge population base.This means that the trade agreement will unleash huge trade potential and momentum for sustainable development in the region.It will also give Japan an unprecedented market for investment and development.

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