Australia strengthens trade with Indo-Pacific

A collage picture of RCEP countries' representatives.

Canberra, 21 October 2021 (TDI): Australian Government secures business people with passing a legislation for the Regional Comprehensive Economic Partnership Agreement (RCEP).

Government of Australia on Friday announced a free Trade agreement, “Regional Comprehensive Economic Partnership” RCEP, between Australia and the Indo Pacific Nations. The agreement covers 14 other Indo-Pacific nations with Australia to strengthen the trade in the region.

The deal boosts the trade in goods, services, investment, economic and technical cooperation. The agreement will build up new principles for electronic commerce, intellectual property, government procurement, competition, and small and medium sized enterprises.

Australian Minister for Trade, Tourism and Investment Dan Tehan noted the trade agreement ‘strengthening the Australian trade in Indo-Pacific.

According to him, this trade deal will enhance the opportunities for the businesses and investors to work easily throughout the Indo-Pacific. It will also increase job opportunities and economic growth in Australia.

Minister Tehan also expressed gratitude to former Australian Minister for Trade, Tourism and Investment, Simon Birmingham for his hardworking negotiations and economic diplomacy to reap the fruits of deal.

RCEP includes countries like China, Japan, New Zealand, South Korea and 10 ASEAN nations.

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