SINGAPORE, April 9 (Xinhua) -- Singapore ratified the Regional Comprehensive Economic Partnership (RCEP) agreement on Friday, according to a press release issued by the Ministry for Trade and Industry (MTI).
The ratification of the RCEP agreement marks Singapore's strong commitment to strengthening the trade and economic linkages with partners, for the benefit of the businesses and people, said Singapore's Minister for Trade and Industry Chan Chun Sing.
As a key regional agreement, the RCEP will complement Singapore's existing network of free trade agreements (FTAs), expand the economic space, and boost trade and investment flows, said the press release.
It will further broaden and deepen Singapore's economic linkages and connectivity with the region, open up opportunities and provide businesses with preferential access to growing markets.
To help the local business community benefit from RCEP when it enters into force, MTI has been working actively with various business associations and chambers to organize outreach sessions and webinars, said the press release.
RCEP, signed in November 2020, groups the 10 members of the Association of Southeast Asian Nations (ASEAN) as well as China, Japan, South Korea, Australia and New Zealand.
It is the world's largest free trade zone across a wide assortment of indicators, and its 15 member states are home to 2.27 billion people, with a total gross domestic product of 26 trillion U.S. dollars and total exports of 5.2 trillion U.S. dollars. Enditem