Thailand prepares for RCEP ratification

In Thailand (Photo: VNA)

Bangkok (VNA) – The Thai Ministry of Commerce planned to propose on February 9 to the parliament the ratification of the Regional Comprehensive Economic Partnership (RCEP), the world's biggest free trade deal signed by 15 nations in Asia-Pacific in November 2020.

If half the RCEP member states (at least six ASEAN countries and four non-ASEAN countries) ratify the pact, it will be enforced instantly.

Thai Vice Minister of Commerce Sansern Samalapa said after the parliamentary ratification, Thailand will move to improving domestic laws to be in compliance with the agreement.

The local media quoted Samalapa as saying that the deal is expected to come into force this year and will support open, comprehensive and regulatory trade and investment. It will strengthen and maintain connectivity to regional production and the supply chain.

The pact comprises 20 chapters, which include provisions for trade in goods, rules of origin, customs procedures, sanitary measures, e-commerce, small business, government procurement and dispute settlement.

In 2019, the population of the RCEP signatories was almost 3.6 billion, or 48.1 percent of the total world population. The combined GDP of the RCEP members was worth more than 28.5 trillion USD, making up 32.7 percent of the world's GDP.

Trade between members was valued at 11.2 trillion USD over the same period, 29.5 percent of the world trade./.