Singapore has adopted the Regional Macroeconomic Partnership (RCEP) agreement on 09 April 2021. Singapore has become the first country to ratify this multilateral trade agreement.The agreement includes ten countries of the ASEAN region as well as Australia, China, Japan, New Zealand and South Korea.
RCEP is the world’s largest free trade agreement led by China but India did not accept this agreement.It was believed that it would be an important market with a large consumer base and it would also have good export prospects.Singapore’s Trade and Industry Minister Chan Chun Sing conveyed that Singapore’s quick ratification of the Regional Comprehensive Economic Partnership Agreement indicated Singapore’s solid commitment to strengthening trade and economic contacts with our partners for the benefit of its businesses and people.
The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) adopted by ten ASEAN member states and five other countries (Australia, China, Japan, South Korea and New Zealand).The agreement was signed on 15 November 2020.Regional macroeconomic partnership countries represent one-third of the world’s population and 30 percent of global GDP (more than about 26 trillion).
The concept of RCEP was presented during the 11th ASEAN Summit held in November 2011 and the initial negotiations of the agreement were initiated during the 12th ASEAN Summit held in Cambodia in November 2012.The agreement was expected to be signed by the other 15 members with India in 2019, but after India’s decision to separate itself from the deal in November 2019, the RCEP has now been signed by the remaining 15 countries.