Categories: International

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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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.