Tokyo, Japan â
Sat, June 26, 2021
Japan on Friday ratified the Regional Comprehensive Economic Partnership, a mega trade deal also involving China, Australia and the Association of Southeast Asian Nations, the Foreign Ministry said.
Tokyo has deposited its instrument of ratification with the ASEAN secretariat, making it the third member to do so with a view to the possible application of RCEP to 15 countries by the end of the year.
The ASEAN secretariat manages operational procedures on behalf of the compact, whose members represent approximately 30 percent of the world’s production, trade and population.
“The agreement will strengthen the bond between Japan and the region (Asia-Pacific), which is the growth center of the world, and will contribute to Japan’s economic growth when it enters into force,” the minister said. ‘Economy, Trade and Industry Hiroshi Kajiyama at a press conference. press conference.
The pact will be Japan’s first trade deal involving both China and South Korea, respectively its main and third trading partners. The Japanese government estimated earlier this year that the trade treaty could increase the gross domestic product of the world’s third-largest economy by about 2.7%.
The trade deal is designed to remove tariffs on 91% of goods and standardize rules on investment, intellectual property and e-commerce, among other business practices. It also aims to promote the optimization of supply chains within the free trade area.
The pact, signed by 15 countries last November, will enter into force 60 days after its ratification by at least six ASEAN members and three other signatory countries. Of the signatories, Singapore and China have completed ratification procedures.
RCEP brings together the 10 ASEAN states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam – as well as Australia, China, Japan, New Zealand and Korea from South.