Brunei Darussalam has ratified the Regional Comprehensive Economic Partnership, RCEP agreement upon depositing its instrument of ratification with the Secretary-General of ASEAN on the 11th of October 2021. Brunei Darussalam's timely ratification of the RCEP agreement signals our strong commitment to support the region's post-pandemic recovery efforts, strengthening our economic and trade linkages, creating new opportunities for our businesses as well as support for an open, inclusive, rules-based multilateral trading system.
The RCEP Agreement was virtually signed at the 4th RCEP Summit on the 15th of November 2020 by ASEAN Member States and ASEAN dialogue partners Australia, China, Japan, Republic of Korea and New Zealand. Launched in 2012, the 8 years negotiated RCEP Agreement establishes a modern, comprehensive, high quality and mutually-beneficial economic partnership between ASEAN and its Free Trade Agreement FTA partners. As the world's largest regional FTA comprising about 30 percent of global GDP and about a third of the world's population, Brunei Darussalam is expected to benefit from the RCEP as it will broaden and deepen our economic ties between the members and provide new opportunities for our producers and businesses especially in terms of market access given the level of liberalization for trade in goods, services and investment.
Realising its full potential which can only be achieved once the Agreement enters into force, Brunei Darussalam looks forward to its RCEP partners to expedite their respective domestic ratification procedures for the timely entry into force of the Agreement. The RCEP Agreement will enter into force 60 days after six ASEAN Member States and three ASEAN FTA Partners have deposited their instrument of ratification, acceptance or approval with the Secretary General of ASEAN, as the designated Depositary for the RCEP Agreement. The RCEP Agreements is targeted to enter in force on the 1st of January 2022.
Source: Radio Television Brunei