You are here: Home » International » News » Economy
Business Standard

Thailand completes Regional Comprehensive Economic Partnership ratification

China and Japan have also completed ratifications of the pact.

Thailand | RCEP | China

IANS  |  Bangkok 


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.




(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.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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