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Regional Comprehensive Economic Partnership (RCEP)
The RCEP establishes a modern, comprehensive, high-quality and mutually beneficial economic partnership that builds on existing bilateral ASEAN agreements with its five Free Trade Agreement (FTA) Partners. Comprising about 30% of global Gross Domestic Product (GDP) and close to a third of the world’s population, RCEP is the world’s largest FTA to date. As a key regional agreement, the RCEP will complement Singapore’s existing network of FTAs, expand our economic space, and boost trade and investment flows.
The RCEP will require the ratification of 6 out of 10 ASEAN Member States, and 3 out of 5 ASEAN FTA Partners for the Agreement to enter into force. Hence, the implementation timeline will depend on the respective RCEP Partners’ domestic processes to ratify the agreement.
In the meantime, the RCEP Legal Text is available on the RCEP Secretariat website: rcepsec.org/legal-text/
MTI’s press release provides a summary of the key benefits of the RCEP: www.mti.gov.sg/-/media/MTI/Newsroom/Press-Releases/2020/11/Press-Release-on-the-Regional-Comprehensive-Economic-Partnership-Signing.pdf