World's largest free trade pact becomes fully operational

ANKARA

The world's largest free trade zone has become fully operational with the implementation of the Regional Comprehensive Economic Partnership (RCEP), China said on Friday.

Of the 15 members of the partnership, the Philippines was the last nation to ratify the regional trade pact in April.

According to China's Commerce Ministry, the full implementation of the pact "drives regional integration, enhances trade, and fosters global economic stability."

The successful implementation of the partnership reflects the strong commitment of the partners and "tangible steps towards upholding a multilateral trading system that is characterized by openness, freedom, fairness, inclusivity, and adherence to established rules," the ministry said in a statement.

The RCEP agreement was signed in November 2020 after eight years of negotiations.

The partnership includes Japan, Australia, New Zealand, South Korea, China, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

It covers around 28% of international trade, nearly 30% of the world's population, over 30% of global gross domestic product (GDP), and close to 30% of global foreign direct investment (FDI).​​​​​​​