Singapore becomes first participating country to complete RCEP ratification

SINGAPORE has ratified the Regional Comprehensive Economic Partnership (RCEP) agreement, and on Friday deposited its instrument of ratification with the secretary-general of Asean, who has been designated as the depositary for the agreement.

This makes the Republic the first RCEP participating country to complete the official ratification process, said the Ministry of Trade and Industry in a statement.

Minister for Trade and Industry Chan Chun Sing said Singapore's "expeditious ratification" of the RCEP agreement signals the state's strong commitment to strengthening trade and economic linkages with its partners for the benefit of businesses and people.

"We look forward to our fellow RCEP participating countries doing likewise, to expedite the entry into force of the agreement," he added.

The RCEP, signed at the fourth RCEP Leaders Summit last Nov 15, is the world's largest free-trade agreement (FTA) to date. Countries in the partnership account for some 30 per cent of global gross domestic product (GDP) and close to a third of the world's population.

As a key regional agreement, the RCEP will complement Singapore's existing network of FTAs, expand its economic space, and boost trade and investment flows.

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The agreement will also further broaden and deepen Singapore's economic linkages and connectivity with the region, unlock opportunities and provide businesses with preferential access into growing markets.

For instance, businesses can expect to benefit from tariff elimination of about 92 per cent on average, as well as streamlined rules of origin for greater flexibility to tap preferential market-access benefits.

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.

RCEP participating countries are targeting entry into force on Jan 1, 2022.