Singapore becomes the first country to approve RCEP transactions

The Ministry of Trade and Industry said on Friday that Singapore had approved the Regional Comprehensive Economic Partnership and became the first country to participate in the world’s largest free trade agreement. The statement issued by the Ministry of Foreign Affairs quoted Singapore’s Minister of Trade and Industry Chen Zhencheng as saying that the ratification of the convention “signifies Singapore’s firm commitment to strengthening trade and economic ties with its partners for the benefit of our businesses and people.” He said Singapore hopes. Other participating countries approve the agreement and expedite its entry into force. RCEP was signed by 15 Asia-Pacific countries in November. The agreement groups the 10 members of the Association of Southeast Asian Nations-Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam-as well as Japan, China, South Korea, Australia and New Zealand. As one of the founding members, India did not sign the agreement due to fears that its trade deficit with China would increase. RCEP is the world’s largest trading group, accounting for approximately 30% of global GDP and nearly one-third of the world’s population. The agreement will enter into force after ratification by the six ASEAN countries and three other countries.