The Japanese government, headed by Prime Minister Yoshihide Suga, on Wednesday decided to approve the Comprehensive Economic Partnership (RCEP) agreement reached on November 15, 2020. Kyodo agency informs about it.
As specified, now the document will be sent to parliament for further ratification, which should take place during the current session.
The agreement will enter into force with the ratification of the parliaments of more than half of the countries that have signed it.
The RCEP agreement was reached by the ASEAN countries and the five largest trade and economic partners of the bloc: Japan, Australia, China, New Zealand and the Republic of Korea. This agreement forms the world’s largest free trade area with approximately 2.2 billion consumers and a GDP of $ 28 trillion (32% of total global GDP). According to experts’ forecasts, by 2050 the total GDP of the RCEP countries may increase to $ 100 trillion.