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WORLD

Japan approves RCEP agreement

28/04/2021 12:55 PM

TOKYO, April 28 -- Japan's parliament on Wednesday approved the world's largest free trade deal, signed by 15 Asia-Pacific countries including China and the 10 members of the Association of Southeast Asian Nations (ASEAN).

The Regional Comprehensive Economic Partnership (RCEP), signed in November 2020, groups ASEAN's member countries as well as China, Japan, South Korea, Australia and New Zealand, Xinhua news agency reported.

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 US$26 trillion and total exports of US$5.2 trillion.

The RCEP will come into effect 60 days after it is ratified by six of the ASEAN members and three of the other countries.

-- BERNAMA

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