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Thailand approves world’s largest free trade agreement

Thailand submitted to the Secretariat of the Association of Southeast Asian Nations (ASEAN) its ratification of the Regional Comprehensive Economic Partnership Agreement (RCEP) and reaffirmed that the world’s largest free trade agreement will enter into force next January 1 as scheduled, the Thai newspaper Bangkok Post reported.

The newspaper quoted a source in Thailand’s Commerce Ministry as revealing that Commerce Minister Jurin Laksanawisit submitted the approval of the RCEP to the bloc’s Secretariat ahead of schedule in November.

The Thai Parliament gave the green light on February 9 to the pact, which will enter into force 60 days after ratification by at least six ASEAN member countries and three other signatories.

Among the parties, Singapore and China have also completed ratification procedures.

The RCEP, which brings together the 10 ASEAN members, Australia, China, Japan, New Zealand and South Korea, will cover nearly 30 percent of the world’s Gross Domestic Product (GDP) and almost one-third of the world’s population.

Five ASEAN member countries, including Singapore, Brunei, Laos, Cambodia and Thailand, have submitted their ratification of the treaty.

-Thailand News (TN)

TN

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