Malaysia committed to ratifying RCEP by December

Kuala Lumpur (VNA) - Malaysia has given its commitment to complete the Regional Comprehensive Economic Partnership (RCEP) ratification process by mid-December this year.

Senior Minister and International Trade and Development Minister Datuk Seri Mohamed Azmin Ali said the ratification process is pursuant to the agreement signed by 15 countries, comprising 10 ASEAN member states and five free trade agreement (FTA) partners, at the Fourth RCEP Summit on November 15 last year.

He said based on the provisions of the RCEP Agreement, it will come into force 60 days after at least six ASEAN member states and three ASEAN FTA partners submitted the instruments of ratification to the ASEAN Secretariat.

"To date, countries that have ratified the agreement include Singapore, China and Japan. Myanmar has sent the instrument of ratification to the ASEAN Secretariat while Thailand has completed the domestic ratification process and would submit the instrument of ratification to the ASEAN Secretariat at the end of the year," the New Straits Times quoted the minister as saying.

According to him, at the 53rd ASEAN Economic Ministers Meeting on September 9, ASEAN member states looked forward to the entry into force of the RCEP Agreement on January 1, 2022, as targeted.

Countries such as Brunei, the Philippines, Indonesia, Cambodia and Vietnam have announced their intention to complete the domestic ratification process by this November.

RCEP is the world's largest FTA with a market that covers almost one-third of the world's population or 2.2 billion people./.