In addition to lowering tariffs, the RCEP also covers more than 100 sub-sectors of international trade in services, including finance, telecommunications, transportation, tourism, and research and development. Within six years from the implementation of the agreement, intra-regional trade in services will be switched from a positive list to a negative list, meaning that the opening of international trade in services is expected to become more stable.

"The RCEP will facilitate the restructuring of industrial chains of countries in the region, especially the industrial chains of China, Japan and South Korea," said Ding Shufeng, dean of the Zhejiang Academy of Commerce.

"For the ASEAN market, Zhejiang has advantages in cross-border services such as information transmission and software and information technology, and the implementation of the RCEP will further help related Zhejiang enterprises go abroad," said Zhuang Jin, an official from the Zhejiang provincial department of commerce.

The RCEP, which was signed by 15 Asia Pacific countries that account for about 30 percent of the world's gross domestic product, trade and population, will offer a strong boost to international trade and investment and contribute to global economic recovery. The agreement was signed on Nov 15, 2020 after eight years of negotiations.