World's largest trade deal RCEP ratified in Japan

Thứ Tư, 28/04/2021, 18:49
Japan's parliament ratified on April 28 the Regional Comprehensive Economic Partnership (RCEP) – the world’s largest free trade deal.

RCEP will create a free trade zone accounting for about 30 percent of the world's gross domestic product, trade and population. It will be Japan's first trade deal involving both China and the Republic of Korea (RoK) - its largest and third biggest trade partners.

RCEP groups the 10 ASEAN members - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- plus Japan, China, the RoK, Australia and New Zealand.

Its 15 member states are home to 2.27 billion people, with a total GDP of 26 trillion USD and total exports of 5.2 trillion USD.

The deal is expected to officially come into effect from January 1, 2022.