The Association of Southeast Asian Nations (ASEAN) comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) of ASEAN. An FTA is an agreement between two or more countries where the countries agree on certain obligations that affect trade in goods and services, such as tariff reduction, regulations, etc. RCEP includes Japan, South Korea, Australia, New Zealand and China, who are not members of ASEAN.