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RCEP takes effect for S Korea, expected to diversify trade portfolio
05 Feb '22
1 min read
Pic: Shutterstock
South Korea’s trade, industry and energy ministry recently said the Regional Comprehensive Economic Partnership (RCEP), which took effect for the country on February 1, is expected to help diversify its trade portfolio. The combined amount of South Korea's exports to the RCEP participants was $254.3 billion in 2020, taking up around half of the country's total outbound shipments.
"It is expected to help our companies' advance into overseas markets, as it expands the market for our key export items," a news agency quoted the ministry as saying.
In November 2020, South Korea signed RCEP with 14 other countries, 10 member nations of the Association of Southeast Asian Nations (ASEAN), China, Japan, Australia and New Zealand. The country’s National Assembly ratified the pact in December last year.
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