Singapore has ratified the Regional Comprehensive Economic Partnership (RCEP) and deposited its ratification instrument, becoming the first participating country to complete the official process.
- According to the Singapore’s Ministry of Trade and Industry, the country has deposited its instrument of ratification on April 9, 2021.
- All 10 ASEAN members and Australia, China, Japan, New Zealand and South Korea signed the trade pact, the world’s largest, at the 4th RCEP Summit in November 2020.
- The agreement will enter into force 60 days after it has been ratified by at least six Asean member states and three non-Asean signatories.
- RCEP participating countries are targeting for the pact to enter into force on Jan 1, 2022.
- The RCEP builds upon existing trade deals among its 15 member countries, which together account for 30 per cent of the global economy and one-third of the world’s population.
