(VOVWORLD) - The China has officially ratified the Regional Comprehensive Economic Partnership (RCEP) agreement, Minister of Commerce Wang Wentao said on Monday.
 A cargo port at Ningbo, Zhejiang province, China, February 19, 2021. (Photo:Xinhua/VNA) |
The RCEP is the world’s largest free trade agreement, with a market of 2.2 billion people and 26.2 trillion USD.
RCEP is expected to restore regional supply chains and increase their effectiveness for businesses. It will remove 91% of tariffs and create common rules on investment, intellectual property, and e-commerce.
RCEP was initiated in 2010 by ASEAN and its 6 partners - Australia, China, India, Japan, New Zealand, and South Korea. India withdrew from the deal in November 2019.