China officially ratifies RCEP trade deal

The RCEP is the world's largest free trade agreement.
The RCEP is the world's largest free trade agreement.PHOTO: LIANHE ZAOBAO

BEIJING (XINHUA) - The Chinese government has officially ratified the Regional Comprehensive Economic Partnership (RCEP) agreement, Minister of Commerce Wang Wentao said on Monday (March 8).

Some member countries are also accelerating their procedures, and it is hoped that relevant countries can speed up their progress and finally reach the threshold of entry into force, Mr Wang told reporters on the sidelines of the annual national legislative session.

Ratifications of six Asean member countries and three non-Asean member countries are needed for reaching the threshold, and the sooner the agreement enters into force, the sooner the people of the member countries will be benefited, he said.

The RCEP, the world's largest free trade agreement, was signed in mid-November 2020 by 10 Asean member countries and China, Japan, South Korea, Australia and New Zealand.