It will be useless, since ALL countries in RCEP want to run current account surplus and no one really want the role to absorb surpluses, i.e running current account deficit and ditch capital control and let their currency float.

For this to even work, someone has to run current account deficit and runs capital account surplus (play the role of the US). No one is willing to lol.

NY times actually summarizes it pretty well: It has little impact on legal work, accounting or other services that cross borders, and does not venture far into the often-divisive issue of ensuring greater intellectual property protections https://www.nytimes.com/2020/11/15/business/china-trade-rcep...