The Association of Southeast Asian Nations (ASEAN) Secretariat on Wednesday announced that the Regional Comprehensive Economic Partnership (RCEP) agreement, the world's largest trade deal, will come into force on January 1, 2022.
ASEAN applauds the early ratification of the RCEP, the Secretary-General said, adding that the deal will fuel the post-pandemic recovery.
The ASEAN Secretariat has received ratification documents from six ASEAN members (Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam) plus Australia, China, Japan, and New Zealand. The deal will take effect in 60 days since the minimum number of ratifications have been submitted (from 6 ASEAN members and 3 non-ASEAN signatories).
ASEAN Secretary-General Dato Lim Jock Hoi said on Tuesday that the early ratification of the RCEP demonstrates a strong commitment of signatories to a fair, open multilateral trade mechanism.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor