Singapore: First Country To Ratify ‘RCEP’
- On April 9, 2021, Singapore became the first country among 15 participating countries to ratify the Regional Comprehensive Economic Partnership (RCEP) agreement.
- RCEP is the world’s largest free trade agreement, led by China and comprising 10 ASEAN economies as well as Australia, China, Japan, New Zealand and South Korea.
- To come into effect, the RCEP must first be ratified by at least six ASEAN and three non-ASEAN member states.
- Once implemented, RCEP would be the world’s largest free trade agreement, covering around one third of the world’s population and about 30% of the world’s economy.