Singapore ratified the Regional Comprehensive Economic Partnership (RCEP) agreement and deposited its instrument of ratification with the Secretary-General of ASEAN today. Singapore is the first RCEP Participating Country (RPC) to complete the official ratification process.
Minister for Trade and Industry Chan Chun Sing 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. We look forward to our fellow RCEP Participating Countries doing likewise, to expedite the entry into force of the Agreement.”
The RCEP was signed at the 4th RCEP Leaders Summit on 15th November 2020. It establishes a modern, comprehensive, high-quality and mutually beneficial economic partnership that builds on existing 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.
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As a key regional agreement, the Regional Comprehensive Economic Partnership will complement the existing network of FTAs in Singapore, expand our economic space, and boost trade and investment flows. It will further broaden and deepen Singapore’s economic linkages and connectivity with the region, open up opportunities and provide businesses with preferential access into growing markets.
Businesses can expect to benefit from tariff elimination of about 92% on average, as well as streamlined rules of origin for greater flexibility to tap on preferential market access benefits. To support the local business community in understanding the Agreement and how they may benefit from it when it enters into force, the Ministry of Trade and Industry has been working actively with various business associations and chambers to organise outreach sessions and webinars.
The RCEP Agreement will enter into force 60 days after six ASEAN Member States and three ASEAN FTA Partners have deposited their instrument of ratification, acceptance or approval with the Secretary-General of ASEAN, who has been designated as the Depositary for the RCEP Agreement. RPCs are targeting entry into force on 1st January 2022.
Learn more: Ministry of Trade and Industry | Singapore
