Estimating the Economic and Distributional Impacts of the RCEP Figure 2. Trade in RCEP by sectors. In percentage and billion dollars

|Ex|ports|Im|ports|
|---|---|---|---|
|Total|**2384**<br>**9450**|Total|**2384**<br>**9655**|
|Electrical equipment and...|**909**<br>**3583**<br>|Electrical equipment and...|**909**<br>**2259**<br>|
|Chemical, rubber, plastics|**257**<br>**792**|Chemical, rubber, plastics|**257**<br>**840**|
|Metals|**221**<br>**743**|Metals|**221**<br>**647**|
|Fossil fuels|**155**<br>**285**|Fossil fuels|**155**<br>**1654**|
|Other extraction|**116**<br>**142**|Other extraction|**116**<br>**358**|
|Motor vehicles and parts|**99**<br>**519**|Motor vehicles and parts|**99**<br>**412**|
|Wearing apparel and...|**91**<br>**727**<br>|Wearing apparel and...|**91**<br>**153**<br>|
|Petroleum, coal products|**88**<br>**227**|Petroleum, coal products|**88**<br>**417**|
|Food and beverages|**88**<br>**326**|Food and beverages|**88**<br>**289**|
|Textiles|**61**<br>**262**|Textiles|**61**<br>**120**|
|Other manufactures|**45**<br>**356**|Other manufactures|**45**<br>**193**|
|Crops|**43**<br>**120**|Crops|**43**<br>**305**|
|Wood and paper products|**40**<br>**147**|Wood and paper products|**40**<br>**164**|
|Non metallic minerals|**31**<br>**138**|Non metallic minerals|**31**<br>**59**|
|Other transport equipment|**29**<br>**165**|Other transport equipment|**29**<br>**247**|
|Business services|**23**<br>**252**|Business services|**23**<br>**448**|
|Trade|**15**<br>**101**|Trade|**15**<br>**182**|
|Road transport|**11**<br>**95**|Road transport|**11**<br>**138**|
|Animal products|**10**<br>**30**|Animal products|**10**<br>**35**|
|Air transport|**9**<br>**74**|Air transport|**9**<br>**106**|
|Meat products|**8**<br>**34**|Meat products|**8**<br>**59**|
|Tourist services|**7**<br>**33**|Tourist services|**7**<br>**51**|
|Basic pharmaceuticals|**7**<br>**43**|Basic pharmaceuticals|**7**<br>**133**|
|Construction|**6**<br>**62**|Construction|**6**<br>**44**|
|Financial services and...|**4**<br>**57**<br>|Financial services and...|**4**<br>**150**<br>|
|Public administration and...|**4**<br>**58**<br>|Public administration and...|**4**<br>**60**<br>|
|Water transport|**3**<br>**28**|Water transport|**3**<br>**49**|
|Communications|**3**<br>**38**|Communications|**3**<br>**69**|
|Utilities|**1**<br>**16**|Utilities|**1**<br>**14**|
|0|%<br>25%<br>50%<br>75% 100%||0%<br>25%<br>50%<br>75% 100%|
|Exports to RCE|P<br>Exports to ROW|Imports from RCE|P<br>Imports from ROW|

# Source: own elaboration with data from Comtrade and GTAP.

The RCEP agreement was signed in November 2020.<sup>5</sup> The agreement includes 20 chapters, which cover a wide variety of provisions: trade in goods, trade in services, rules of origin, government procurement, intellectual property, sanitary measures, technical standards, and investment, among others. It does not include any provisions on the environment or labor. Tariffs are expected to be reduced over 20 years, with a large drop upfront for some products, and most tariffs being eliminated over the next 20 years. The agreement includes more agricultural trade liberalization than originally anticipated, with modest sensitive lists, mainly by Japan in key products such as rice, wheat, dairy, meat and sugar, and Indonesia in rice and alcoholic beverages. Some members, namely Australia,

> 5 The full details of the agreement are available at https://www.dfat.gov.au/trade/agreements/not-yet-in-force/rcep/rcep-text-andassociated-documents.