Singapore becomes first country to ratify mega free trade agreement ‘RCEP’

Singapore ratified the Regional Comprehensive Economic Partnership (RCEP) agreement, the world’s largest free trade agreement, led by China. In doing so, Singapore became the first among 15 participating countries to ratify RCEP. The RCEP must first be ratified by at least six ASEAN and three non-ASEAN member states to come into effect. Once implemented, RCEP would be the world’s largest free trade agreement, covering around one-third of the world’s population and about 30% of the world’s economy.

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About the RCEP

• RCEP is a multi-nation trade pact, comprising 10 ASEAN economies as well as Australia, China, Japan, New Zealand and South Korea.
• The RCEP was signed by the 15 participating countries in November 2020.
• India had opted out of it in 2019.

Important takeaways for all competitive exams:

• Singapore Currency: Singapore dollar.
• Capital of Singapore: Singapore.
• PM of Singapore: Lee Hsien Loong.

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