(VOVWORLD) - Brunei ratified the Regional Comprehensive Economic Partnership (RCEP) agreement on Tuesday, becoming the sixth country to ratify the deal, after Thailand, Singapore, China, Japan, and Cambodia.
 (Photo: VNA) |
In a press statement, Brunei's Ministry of Finance and Economy said Brunei's ratification of the RCEP, the world's largest free-trade deal, signals a strong commitment to support the region's post-pandemic recovery efforts, strengthen economic and trade links, create new opportunities for Brunei’s businesses, and advocate an open, inclusive, rules-based multilateral trading system.
The RCEP agreement was signed in November, 2020, by the 10 ASEAN members plus Australia, China, Japan, New Zealand, and the Republic of Korea. It needs the ratification of at least 6 ASEAN members and 3 non-ASEAN signatories to take effect.
RCEP members are resolved to ratify the deal by the end of this year to have it in effect on January 1, 2022, as planned.