Page 12 - Regional Comprehensive Economic Partnership (RCEP)

(ee) Trade Facilitation Agreement means the Agreement on
Trade Facilitation in Annex 1A to the WTO Agreement;

(ff) TRIPS Agreement means the Agreement on Trade-
Related Aspects of Intellectual Property Rights in Annex
1C to the WTO Agreement;

(gg) Understanding on the Balance-of-Payments
Provisions means the Understanding on the Balance-of-
Payments Provisions of the General Agreement on Tariffs
and Trade 1994 in Annex 1A to the WTO Agreement;

(hh) WTO means the World Trade Organization; and

(ii) WTO Agreement means the Marrakesh Agreement
Establishing the World Trade Organization done at
Marrakesh on 15 April 1994.

Article 1.3: Objectives

The objectives of this Agreement are to:

(a) establish a modern, comprehensive, high-quality, and
mutually beneficial economic partnership framework to
facilitate the expansion of regional trade and investment
and contribute to global economic growth and
development, taking into account the stage of development
and economic needs of the Parties especially of Least
Developed Country Parties;

(b) progressively liberalise and facilitate trade in goods among
the Parties through, inter alia, progressive elimination of
tariff and non-tariff barriers on substantially all trade in
goods among the Parties;

(c) progressively liberalise trade in services among the Parties
with substantial sectoral coverage to achieve substantial
elimination of restrictions and discriminatory measures with
respect to trade in services among the Parties; and

(d) create a liberal, facilitative, and competitive investment
environment in the region, that will enhance investment
opportunities and the promotion, protection, facilitation,
and liberalisation of investment among the Parties.

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