(VOVWORLD) - Japan’s Foreign Ministry on Friday ratified the Regional Comprehensive Economic Partnership (RCEP), which comprises 10 members of the Association of Southeast Asian Nations (ASEAN) – China, South Korea, Japan, New Zealand and Australia.
 Japanese Prime Minister Yoshihide Suga (L) and Minister of Economics, Trade, and Industry Hiroshi Kajiyama at the signing of the RCEP within the framework of the ASEAN Summit in Hanoi on 15 November, 2020. (Photo: AFP/VNA)
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The ministry said Tokyo deposited its documents with the ASEAN Secretariat to become the 3rd member to implement the agreement.
RCEP is the world's biggest free trade agreement, covering a huge market of 2.27 billion people with a GDP of 26 trillion USD and total export revenues of 5.2 trillion USD.
RCEP will take effect 60 days after 6 of 10 ASEAN members and 3 of non-ASEAN members rectify it. The agreement will remove tariffs on 91% of goods and impose common rules on investment and intellectual property rights to boost trade liberation.