INAC analyzes how Uruguayan meat exports will be affected by the new RCEP trade agreement

Published 2020년 12월 2일

Tridge summary

The Regional Comprehensive Economic Partnership (RCEP), the world's largest trade agreement, was signed on November 15, 2020, by 15 countries, including members of the Association of Southeast Asian Nations (ASEAN) and Japan, South Korea, Australia, and New Zealand. The agreement, which covers 30% of the global population and GDP, is expected to significantly impact the meat trade, with Australia and New Zealand being the main exporters and China, Japan, and South Korea the main importers. The RCEP is set to eliminate 90% of existing tariffs over a period of 20 years, although the impact on agricultural trade is expected to be minimal. The agreement could also streamline customs processes and simplify rules of origin, potentially increasing the speed of dispatch of perishable goods. However, it may also increase intra-bloc trade efficiency, increasing the cost gap for non-deal exporters and potentially harming Uruguay's beef exports.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On Sunday, November 15, the creation of the world's largest trade agreement was signed: the Regional Comprehensive Economic Association (RCEP, for its acronym in English). The free trade agreement involves 15 countries: the members of the Association of Southeast Asian Nations (ASEAN) (Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Burma and Cambodia), China, Japan, Korea South, Australia and New Zealand. These countries represent 30% of the population and 30% of GDP globally. In terms of meat trade, RCEP members accounted for 21% of world exports, adding beef, pork, poultry, sheep, and offal in value in 2019. The main exporters were Australia and New Zealand, which together accounted for 89 % of the block's exports of all meats. On the import side, the RCEP absorbed 50% of the international trade flow in value of these products. China, Japan and South Korea were the main importers, representing 88% of the block's imports in value. Beef was the ...

Source: Agromeat