The bill will enable the application of preferential tariff rates under the RCEP. The RCEP free-trade agreement has been signed by 15 countries. Ten of those are part of the ASEAN network, and the other five are part of the extended free-trade agreement with ASEAN. Together these countries are home to almost a third of the world's population. That is 2.3 billion people. And these 15 countries represent 30 percent of the global GDP and include seven out of 10 of our top trading partners.