'World's Largest FTA' RCEP Ratification Bill in National Assembly... "Effective February Next Year"

[Asia Economy Reporter Yoo Hyun-seok] The ratification agreement for the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement (FTA), passed the National Assembly plenary session on the 2nd.

Since the ratification agreement will take effect 60 days after the plenary session's passage, it is expected to come into effect in early February next year.

RCEP is a multilateral trade agreement involving 15 countries: the 10 ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and 5 non-ASEAN countries (Australia, China, Japan, Korea, New Zealand).

RCEP is the world's largest FTA, accounting for one-third of the global gross domestic product (GDP), population, and trade volume. Upon RCEP's enforcement, Korea will also have the effect of establishing an FTA with Japan for the first time. Korea's RCEP export volume amounts to $269 billion, accounting for half of its total exports.

Among the 10 countries that completed the ratification process ahead of Korea, including China and Japan, RCEP will officially come into effect on January 1 next year. Korea officially joined the agreement when President Moon Jae-in signed the agreement document at the RCEP summit held via video conference on November 15 last year. However, due to the time required for the government's preparation procedures, the ratification bill was only submitted to the National Assembly on October 1.

This content was produced with the assistance of AI translation services.