Brunei ratifies economic partnership agreement

Wednesday, 2021-10-13 10:57:13
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Leaders attend the 3rd RCEP Summit in Bangkok, Thailand on Nov. 4, 2019. (Photo: VNA)
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NDO/VNA - Brunei Darussalam ratified the Regional Comprehensive Economic Partnership (RCEP) agreement on October 12, becoming the sixth signatory country to ratify the deal, after Thailand, Singapore, China, Japan and Cambodia.

In a press statement, Brunei's Ministry of Finance and Economy (MoFE) said, "Brunei's timely ratification of the RCEP, the world's largest free-trade deal, signals our strong commitment to support the region's post-pandemic recovery efforts, strengthening our economic and trade linkages, creating new opportunities for our businesses as well as support for an open, inclusive, rules-based multilateral trading system."

The RCEP members have expressed their resolve to ratify the agreement before the end of this year in order for the deal to take effect on Jan. 1, 2022 as targeted.

The RCEP agreement, gathering the 10 ASEAN member nations and Australia, China, Japan, New Zealand and the Republic of Korea, will make up nearly 30 percent of the world’s gross domestic products and create a market covering nearly one-third of the global population.

It was signed last November and will come into effect 60 days after it is ratified by at least six ASEAN members and three other signatory countries.