Singapore has ratified the Regional Comprehensive Economic Partnership (“RCEP“) Agreement, making it the first RCEP Participating Country to complete the official ratification process. The RCEP is an economic partnership that builds on existing ASEAN agreements with its five Free Trade Agreement (“FTA“) Partners (Australia, China, Japan, New Zealand and South Korea). Comprising about 30% of global Gross Domestic Product and close to a third of the world’s population, the RCEP is the world’s largest FTA to date.
The RCEP Agreement further broadens Singapore’s economic linkages and connectivity within the region, which will open up considerable opportunities by, amongst other means, providing businesses with preferential access. In this Update, we look at the key elements and benefits of the RCEP Agreement.
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