South Korean brand Glasslock has been in China for years. Its iconic milk pan may fetch $30 at a bargain, but it could become cheaper after the Regional Comprehensive Economic Partnership (RCEP) took effect on February 1. 

Currently, each such milk pan is taxed at around 7 percent in China. However, with the RCEP free trade deal, the tariffs will be less. That also means a potential expansion in the Chinese market.

"If our retail prices are lower in China, we'd have more opportunities to sell our products all over the country," said Lee Kwang-Ho, sales manager of Glasslock in China. 

China is already Glasslock's biggest market outside South Korea. Total sales reached $158 billion last year, representing double-digit growth from 2020. The company is also keeping an eye on other RCEP member states.

"Our crisper bins have been exported to more than 70 countries through RCEP. We hope to export more to Southeast Asia following this agreement," Lee said. 

South Korea's trade ministry data showed that the county's exports in 2021 jumped 25.8 percent from a year earlier to $644.54 billion, the fastest expansion in 11 years. 

RCEP is expected to bring more opportunities for traditional exporters like Glasslock, but experts say services exporters, such as those in the cultural and entertainment sector, will also gain easier investment access.

Ji Gang, a partner at Roland Berger, said the World Trade Organization focuses on trade in goods, but RCEP brings crucial liberalization of trade in services and investment in addition to trade in goods.

"RCEP has redefined trade in services. In fact, it has taken away the barrier among member states. The cultural and entertainment industry is an economic pillar in South Korea," Ji said.

South Korea's entertainment sector, which includes e-sports and films, has been expanding rapidly worldwide, especially among neighboring countries. Last year, the country's cultural budget was over $6 billion with a 6-percent year-on-year growth.