What is the Regional Comprehensive Economic Partnership (RCEP) and how is that going to affect China?

The Regional Comprehensive Economic Partnership includes all ten ASEAN countries and in addition, six countries that ASEAN has FTAs with; Australia, China, India, Japan, New Zealand and South Korea. The concept of this partnership was given a mandate by APEC in 2014 for China to conduct a two year feasibility report. If China plans to run with the United States and implement RCEP to the same standards as the Trans-Pacific Partnership, it will become a further step  in  moving forward to create the Asia-Pacific Free Trade Area in the near future.