In the region, the pact is monumental not only because it accumulates 15 very different Asian economies and creates a common working base, but it also provides the opportunity to bring together existing bilateral and trilateral trade agreements in a coherent way — for example, by combining some of the benefits of the RCEP, the CPTPP and the New Supply Chain Pact New Zealand-Australia-Japan-India. The China-Australia Free Trade Agreement (ChAFTA) is a bilateral free trade agreement between the governments of Australia and China. Since the beginning of the negotiations, 21 rounds of negotiations have been concluded.  The agreement was reached on 17 November 2014 and the details were published two days later almost ten years after the first round of negotiations, which began on 23 May 2005, following a joint feasibility study. The free trade agreement was signed on 17 June 2015 between the two countries.  Following the usual conclusion of the contract, the agreement came into force on December 20, 2015, after the Chinese government completed its internal legal and legislative procedures and the Joint Treaty Committee of the Australian Parliament and the Senate Committee on Foreign Affairs, Defence and Trade conducted a review.   After the full implementation of the agreement, 95% of Australia`s exports to China will be exempt from tariffs. These include many agricultural products, including beef and dairy products. In addition, market access for the Australian services sector will be liberalised and investment by Chinese companies of less than AUD 1,078 million will not be subject to FIRB approval. In addition, an investor-state dispute settlement mechanism will be put in place as part of the contract.  For investors, RCEP will create significant new trade and investment opportunities in participating countries — about 30 percent of global GDP ($26.2 trillion) and 30 percent of the world`s population to make up Asia`s largest trading bloc to date. The simplification of customs procedures and improved trade facilitation rules will enable effective procedure management and rapid clearance of goods, including the release of express and perishable goods within six hours of arrival. However, since many RCEP countries already have bilateral free trade agreements, the main trade effects will have on countries that currently do not have a bilateral agreement, such as Japan-China, Japan-South Korea and Japan-New Zealand.