Thailand completes ratification of Regional Comprehensive Economic Partnership

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Thailand has completed the ratification of the Comprehensive Regional Economic Partnership Agreement (RCEP), Deputy Prime Minister Jurin Laksanawisit said on Monday.

The country ratified the trade pact by depositing its instrument of ratification with the secretary general of the Association of Southeast Asian Nations (ASEAN) on October 28, the official said.

Besides Thailand, other ASEAN members including Singapore, Cambodia, Brunei and Laos have already ratified the RCEP agreement, reports the Xinhua news agency.

Meanwhile, China and Japan have also completed ratifications of the pact.

Signed in November last year, RCEP is a mega trade deal between 10 ASEAN member states namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore , Thailand and Vietnam, as well as China, Japan, South Korea and Australia. and New Zealand.

Ratifications of at least six ASEAN member countries and three of the other five member countries are required for the trade agreement to take effect.

Once in force, the agreement will eliminate tariffs on up to 90% of goods traded between its signatories over the next 20 years.

–IANS

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(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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