Singapore ratified the Regional Comprehensive Economic Partnership (RCEP) and deposited its ratification instrument on April 9, becoming the first participating country to complete the ratification process for the deal.
Singapore’s Minister for Trade and Industry Chan Chun Sing said in a press release the same day that Singapore's expeditious ratification of the deal signals its strong commitment to strengthening the country's trade and economic linkages with its partners, for the benefit of our businesses and people.
"We look forward to our fellow RCEP Participating Countries doing likewise, to expedite the entry into force of the agreement,” he said.
Signed on November 15, 2020, the RCEP is the world's largest free trade agreement, bringing together all 10 ASEAN member countries and five partners - Australia, China, Japan, New Zealand and the Republic of Korea.
The agreement will enter into force 60 days after it has been ratified by at least six ASEAN member states and three non-ASEAN signatories and their instruments of ratification, acceptance or approval have been deposited with the ASEAN Secretary-General.
The participating countries are targeting entry into force on January 1, 2022./.