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Thailand completes Regional Comprehensive Economic Partnership ratification

China and Japan have also completed ratifications of the pact.

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Thailand | RCEP | China

IANS  |  Bangkok 

Thailand
Thailand

has completed ratification of the Regional Comprehensive Economic Partnership (RCEP) agreement, Deputy Prime Minister Jurin Laksanawisit said Monday.

The country has ratified the trade pact upon depositing its instrument of ratification with the secretary-general of the Association of Southeast Asian Nations (ASEAN) on October 28, the official said.

Apart from Thailand, other ASEAN members including Singapore, Cambodia, Brunei and Laos have already ratified the agreement, reports Xinhua news agency.

Meanwhile, and have also completed ratifications of the pact.

Signed in November last year, the is a mega trade deal between 10 ASEAN member states, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, and Vietnam, plus China, Japan, South Korea, Australia and New Zealand.

Ratifications from at least six ASEAN member countries and three of the other five member countries are needed for the trade deal to take effect.

Once in effect, the deal will eliminate tariffs on as much as 90 per cent of goods traded between its signatories over the next 20 years.

--IANS

ksk/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, November 02 2021. 12:02 IST
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