Singapore becomes the first ASEAN country to complete the official approval process

Singapore approves the Regional Comprehensive Economic Partnership Agreement (RCEP). On April 9, the Ministry of Trade and Industry of Singapore announced that it had completed the RCEP approval and submitted the approval letter to the ASEAN Secretary-General on the same day. Singapore became the first ASEAN country to complete the official approval process. Singapore’s Minister of Trade and Industry, Chen Zhensheng, said that Singapore’s rapid approval of RCEP demonstrates Singapore’s firm commitment to strengthening trade and establishing economic ties with partners, so that Singapore’s businesses and people can benefit from it. Chen Zhensheng expressed his expectation that other RCEP participating countries can expedite the entry into force of the agreement.

In addition to Singapore, China and Thailand have also completed the RCEP approval, but they have not yet deposited the approval letter with the ASEAN Secretary-General designated as the depositary of the agreement. RCEP will enter into force 60 days after the 6 ASEAN participating countries and 3 non-ASEAN signatories have deposited their approval, acceptance or approval letter with the depositary of the agreement. All participating countries of RCEP will promote the agreement to enter into force on January 1, 2022.



Source: China – ASEAN Business Council

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