262 0 0 3 min to read

The RCEP, the world’s largest trade agreement, will go into effect on January 1st.

The Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade agreement to date, will enter into force on January 1, 2022, according to the Association of Southeast Asian Nations (ASEAN) Secretariat.

Six ASEAN countries, namely Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam, as well as four non-Asean signatory states, Australia, China, Japan, and New Zealand, have submitted instruments of ratification, according to the secretariat, which made the announcement on Wednesday.

“Our strong commitment to a fair and open multilateral trade system for the benefit of people in the region and around the world is reflected in the swift ratification process by signatory States,” Asean Secretary-General Dato Lim Jock Hoi stated.

The implementation of the agreement will provide the post-Covid-19 economic recovery efforts a huge boost, according to the secretary-general.

The Regional Comprehensive Economic Partnership (RCEP), which was signed in November of last year, is a mega trade agreement between ten Asean member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, as well as China, Japan, South Korea, Australia, and New Zealand.

For the trade agreement to take effect, it must be ratified by at least six Asean countries and three of the remaining five non-Asean countries.

Over the next 20 years, the agreement will reduce tariffs on as much as 90% of products traded between its signatories.

QR Code

Save/Share this story with QR CODE


Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

πŸ“© Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.


We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❀️GIVE A TIP. Send a small donation thru Paypal😊❀️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) πŸ›’ BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) πŸ‘ Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).


AFFILIATE PARTNERS
LiveGood
World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.


0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x