Japan green light joins RCEP trade partnership agreement with China and ASEAN
The Japanese parliament today approved Japan to participate in the Regional Economic Partnership Agreement (RCEP), the world's largest free trade agreement. The agreement was signed by 15 Asia-Pacific countries, including China and 10 ASEAN member states.
The RCEP slotxo download agreement will create a free trade zone that accounts for about 30% of the world's gross domestic product (GDP), trade and population. It is the first time that Japan will participate in a trade deal involving China and South Korea, Japan's No. 1 and No. 3 largest trading partner.
The Kyodo news agency reported that the RCEP agreement, which 15 countries, signed in November last year, was signed. It will come into effect after the ratification of the six ASEAN member states and three other countries by today (28 April) Singapore and China have completed the approval process of the agreement.
The RCEP agreement will save signed countries with no tax on 91% of all merchandise items and also issue consistent regulations on investment and intellectual property to promote free trade.
The Japanese government expects the RCEP to boost Japan's GDP by around 2.7% and create 570,000 jobs.
The RCEP is comprised of 10 ASEAN member states: Thailand, Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Myanmar, Singapore and Vietnam, as well as Japan, China, South Korea, Australia and New Zealand.
