Singapore ratifies mega free trade agreement RCEP

Singapore: Singapore ratified the Regional Comprehensive Economic Partnership (RCEP) agreement on Friday, becoming the first participating country to do so in a multi-nation trade pact that brings together the 10 ASEAN economies as well as Australia, China, Japan, New Zealand and South Korea.

The RCEP, an initiative led by China, is the world's largest free trade agreement but India had opted out of it though it had been widely expected to be an important market with a large consumer base and export potential, observers said. "Singapore's expeditious ratification of the Regional Comprehensive Economic Partnership agreement signals Singapore's strong commitment to strengthening our trade and economic linkages with our partners, for the benefit of our businesses and people," Minister for Trade and Industry Chan Chun Sing said.

"We look forward to our fellow RCEP Participating Countries doing likewise, to expedite the entry into force of the agreement," the minister said. Singapore has deposited its instrument of ratification with the Secretary-General of ASEAN, said the Ministry of Trade and Industry (MTI).