Singapore leads regional free trade agreement ratification

The Regional Comprehensive Economic Partnership needs ratification from nine countries.

Singapore is the first participant country to ratifiy the Reginal Comprehensive Economic Partnership (RCEP).

The regional agreement aims to slash tariffs by up to 92%, streamline market access benefits, protect intellectual property and open new areas of cooperation for ASEAN countries, Japan, South Korea, China, Australia and New Zealand.

"Singapore’s expeditious ratification of the Regional Comprehensive Economic Partnership 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 RCEP Participating Countries doinglikewise, to expedite the entry into force of the agreement," said Minister for Trade and Industry Chan Chun Sing in a statement.

If put into effect, the RCEP would become the world's largest free trade agreement, comprising approximately 30% of global gross domestic project and close to a third of the world's population.

The agreement will enter into force 60 days after six ASEAN member states and three ASEAN FTA partners have submitted their instruments of ratrification, approved by the Secretary General of the ASEAN.

It is expected to enter into force on January 1, 2022.