RCEP could boost Japan GDP by 2.7%

NHK -- Mar 23
The Japanese government believes a major multinational trade agreement it joined will be a boon for the economy. Officials say the Regional Comprehensive Economic Partnership, or RCEP, will likely increase GDP by nearly 3 percent.

The 15-nation free trade agreement signed last November covers about a third of global GDP and population.

Its signatories are the 10 members of the Association of Southeast Asian Nations, as well as Japan, China, South Korea, Australia and New Zealand.

The countries are now working to bring the pact into effect.

The Japanese government estimates RCEP will lift GDP by about 2.7 percent.

Officials also expect it to create about 570,000 jobs.

The projected GDP boost would be greater than the estimated increase of about 1.5 percent from the 11-nation Trans-Pacific Partnership.