RCEP ratification

RCEP ratification

RCEP ratification : Singapore became first country to RECAP ratification

RCEP ratification
Two minute reads :

Singapore has became the first country to complete the official process for ratification of the Regional Comprehensive Economic Partnership ( RCEP ) agreement.

  • India is first RCEP participating country ( RCEP ) to complete the official ratification process and deposit it’s ratification instrument.
  • RPCs are targeting entry in to force on January 1, 2022.
  • The RCP was signed at the 4th RCEP Leaders Summit on November 15 last year.
  • Business in Singapore can expect to benefit from tariff elimination of about 92 percent on average.

How will ratification of the RCEP Agreement benefit Singapore?

  • The Regional Comprehensive Economic Partnership (RCEP) agreement builds on existing ASEAN agreements and is the world’s largest free trade agreement (FTA) to date.
  • •The agreement will complement Singapore’s existing network of FTAs, boost its trade and investment flows and expand the country’s economic space.
  • It will further help broaden and deepen Singapore’s economic linkages and connectivity with the region.
  • •It will also open up opportunities and provide businesses with preferential access into growing markets.
  • The businesses will benefit from tariff elimination of about 92 percent on average and streamlined rules of origin for greater flexibility to tap on preferential market access benefits.

About the RCEP :

  • RCEP is a multi nation trade pact, comprising 10 ASEAN economies as well as Australia, China, Japan, New Zealand and South Korea.
  • The RCEP was signed by the 15 participating countries in November 2020.
  • India had opted out of it in 2019.

Important takeaways of Singapore :

  • Capital : Singapore
  • Prime Minister : Lee Hsien Loong
  • Currency : Dollar
RCEP ratification
RCEP ratification
Reference : https://www.businesstimes.com.sg/government-economy/singapore-becomes-first-participating-country-to-complete-rcep-ratification

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