RCEP to take effect on Jan 1, 2022

By：Xinhua Update：2021-11-04

BEIJING — The Regional Comprehensive Economic Partnership (RCEP) agreement will take effect on Jan 1, 2022, according to the Ministry of Commerce.

As of Nov 2, the ASEAN Secretariat has received instruments of ratification/acceptance (IOR/A) from six ASEAN member states — Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam — as well as from four non-ASEAN signatory states — China, Japan, New Zealand and Australia.

As provided by the agreement, the RCEP will enter into force 60 days after the date at which the minimum number of IOR/A is achieved. This means that the RCEP agreement shall enter into force on Jan 1, 2022.

Signed on Nov 15, 2020, the 15-member RCEP is the world's largest free trade agreement covering about 30 percent of the world's population. Its economic and trade volume also accounts for 30 percent of the world's total.

The entry into force of the agreement is of great significance for further promoting intraregional free trade, stabilizing industrial and supply chains, and promoting China's high-level opening-up, the ministry said.