Singapore has ratified the Regional Comprehensive Economic Partnership (RCEP) agreement and deposited its instrument of ratification with the Secretary-General of ASEAN. With this, it has become the first RCEP Participating Country (RPC) to complete the official ratification process. RPCs are targeting entry into force on January 1, 2022.

“Singapore’s expeditious ratification of the RCEP agreement signals Singapore’s strong commitment to strengthening our trade and economic linkages with our partners, for the benefit of our businesses and people. We look forward to our fellow RPCs doing likewise, to expedite the entry into force of the agreement,” Singapore's minister for trade and industry Chan Chun Sing said in an official release.

The RCEP was signed at the 4th RCEP Leaders Summit on November 15 last year. It establishes a modern, comprehensive, high-quality and mutually beneficial economic partnership that builds on existing ASEAN agreements with its five Free Trade Agreement (FTA) Partners. Comprising about 30 per cent of global Gross Domestic Product (GDP) and close to a third of the world’s population, RCEP is the world’s largest FTA to date.

As a key regional agreement, the RCEP will complement Singapore’s existing network of FTAs, expand its economic space, and boost trade and investment flows. It will further broaden and deepen Singapore’s economic linkages and connectivity with the region, open up opportunities and provide businesses with preferential access into growing markets.

Businesses in Singapore can expect to benefit from tariff elimination of about 92 per cent on average, as well as streamlined rules of origin for greater flexibility to tap on preferential market access benefits.

The RCEP Agreement will enter into force 60 days after six ASEAN Member States and three ASEAN FTA Partners have deposited their instrument of ratification, acceptance or approval with the Secretary-General of ASEAN, who has been designated as the Depositary for the RCEP Agreement.

Fibre2Fashion News Desk (RKS)

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