In Thailand (Photo: VNA) Bangkok (VNA) – The ThaiMinistry of Commerce planned to propose on February 9 to the parliament the ratification of theRegional Comprehensive Economic Partnership (RCEP), the world'sbiggest free trade deal signed by 15 nations in Asia-Pacific in November2020.
If half the RCEP memberstates (at least six ASEAN countries and four non-ASEAN countries) ratify thepact, it will be enforced instantly.
Thai Vice Minister ofCommerce Sansern Samalapa said after the parliamentary ratification,Thailand will move to improving domestic laws to be in compliance with the agreement.
The local media quotedSamalapa as saying that the deal is expected to come into force this year andwill support open, comprehensive and regulatory trade and investment. It willstrengthen and maintain connectivity to regional production and the supply chain.
The pact comprises 20 chapters, which includeprovisions for trade in goods, rules of origin, customs procedures, sanitarymeasures, e-commerce, small business, government procurement and disputesettlement.
In 2019, the population of the RCEPsignatories was almost 3.6 billion, or 48.1 percent of the total worldpopulation. The combined GDP of the RCEP members was worth more than 28.5trillion USD, making up 32.7 percent of the world's GDP.
Trade between members was valued at 11.2trillion USD over the same period, 29.5 percent of the world trade./.
