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Mega free trade agreement
April 14 , 2021
1319 days
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- Singapore ratified the Regional Comprehensive Economic Partnership (RCEP) agreement.
- It is the world’s largest free trade agreement, led by China.
- In doing so, Singapore became the first among 15 participating countries to ratify RCEP.
- The RCEP must first be ratified by at least six ASEAN and three non-ASEAN member states to come into effect.
- 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.
- RCEP is a multi-nation trade pact, comprising 10 ASEAN economies as well as Australia, China, Japan, New Zealand and South Korea.
- The RCEP was signed in November 2020.
- India had opted out of it in 2019.
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