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RCEP
EconomyGlobal Economy

China ratifies RCEP trade deal three months ahead of schedule, urges other members to follow suit

  • The 15-member Regional Comprehensive Economic Partnership (RCEP) was signed in mid-November
  • Commerce Minister Wang Wentao confirmed the deal had been ratified during the National People’s Congress (NPC) in Beijing

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China’s Commerce Minister Wang Wentao said on Monday after the deal was ratified during the National People’s Congress (NPC) in Beijing. Photo: Xinhua
Cissy Zhou

China has urged other members to ratify the Regional Comprehensive Economic Partnership (RCEP) agreement as soon as possible, after Beijing rubber stamped the deal around three months ahead of schedule.

The 15-member trade deal was signed in mid-November, and China is already accelerating the technical preparations to implement the treaty and ensure processes around tariff reductions and certificates of origin for trade goods are “quite smooth”.

“The sooner the agreement enters into force, the sooner the people of the member countries will benefit,” Commerce Minister Wang Wentao said on Monday after the deal was ratified during the National People’s Congress (NPC) in Beijing.

RCEP is the world’s largest free trade agreement, and includes the 10 members of the Association of Southeast Asian Nations (Asean), plus China, Japan, South Korea, Australia and New Zealand.

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RCEP: 15 Asia-Pacific countries sign world’s largest free-trade deal

RCEP: 15 Asia-Pacific countries sign world’s largest free-trade deal
The trade pact will allow China to enhance its sphere of influence in Southeast Asia, with the region becoming increasingly important in global trade amid ongoing US-China trade tensions.

The RCEP agreement will enter into force 60 days after six Asean member states and three non-Asean member states have ratified the deal.

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