The RCEP will require the ratification of 6 of the 10 ASEAN member states and 3 of the five ASEAN-FTA partners for the agreement to enter into force. Therefore, the timing of implementation depends on the internal processes for ratification of the agreement by RCEP partners. The RCEP establishes a modern, comprehensive, quality and mutually beneficial economic partnership that builds on ASEAN`s existing bilateral agreements with its five partners in the Free Trade Agreement (FTA). The RCEP, which accounts for about 30% of the world`s gross domestic product (GDP) and accounts for nearly one-third of the world`s population, is the world`s largest free trade agreement to date. As an important regional agreement, the Singapore RCEP will complement the existing network of free trade agreements, expand our economic space and stimulate trade and investment flows. The corresponding provisions of the free trade agreement will allow more than 60% of the products of the two countries to enter the market immediately duty-free and will allow the phasing out of tariffs on 30% of additional products over the next 5 to 15 years. According to the website of the Chinese Ministry of Commerce, the main Chinese exports that will benefit the free trade agency, textiles, machinery, electrical appliances, vegetables, fruits, automobiles, chemicals, raw fur and leather. At the same time, Costa Rica`s coffee, beef, pork, fruit juice and jam products will also be able to make their debut on the Chinese market at lower prices thanks to tariff reductions. Costa Rica is China`s second largest trading partner in Central America, while China is Costa Rica`s second largest trading partner. In recent years, bilateral trade between the two countries has intensified rapidly. In June 2007, China and Costa Rica began diplomatic relations. In November 2008, Chinese President Hu Jintao visited Costa Rica and announced with Costa Rican President Oscar Arias the opening of free trade negotiations between China and Costa Rica.
Meanwhile, the RCEP text is available on the RCEP secretariat`s website: rcepsec.org/legal-text/ The Free Trade Agreement between China and Costa Rica – officially signed in April 2010 after more than a year of negotiations – is expected to fuel even more energy in the rapid growth of trade relations between the two countries. According to Chinese customs statistics, bilateral trade between the two countries increased by 19.2 per cent in 2010 to reach $3.8 billion. With exports of about $3.1 billion to China last year, Costa Rica has characterized the emerging Asian country as the world`s second largest export market after the United States. At the same time, China sold $690 million worth of goods to the market in Costa Rica last year and estimated it to be its largest trading partner in Central America. In addition to duty-free imports, the two countries have agreed to open the services sectors to bilateral free trade operations and reciprocal investment. Costa Rica will offer free services in 45 sectors, including telecommunications, business services, construction, real estate, distribution, education, environmental services, IT services and tourism, while China will in turn open seven sectors, including IT services, real estate, market research, translation and interpretation and sport.