Japan passes bill to ratify RCEP
(VOVWORLD) - The Japanese government on Sunday approved a bill to ratify the Regional Comprehensive Economic Partnership (RCEP), the world’s biggest free trade agreement, signed last November by 10 ASEAN countries plus China, Japan, South Korea, Australia, and New Zealand.
RCEP encompasses 30% of the world's population (2.2 billion people) and 30% of global GDP (26.2 trillion USD), making it the biggest trade bloc in history.
The agreement includes commitments to open markets for goods, services, and investment and simplify customs procedures to facilitate trade.
RCEP will take effect within 60 days of being ratified by at least six ASEAN members and three of the other countries.