Japan Ratifies World's Biggest Trade Deal Involving China, ASEAN

Japan Ratifies World's Biggest Trade Deal Involving China, ASEAN

Japan ratified the Regional Comprehensive Economic Partnership (RCEP), a mega trade agreement involving China, Australia, and the Association of Southeast Asian Nations.

Andrew H. Sweet

The pact will be Japan's first trade deal involving both China and South Korea, its biggest and third-biggest trade partners, respectively.

This year, the Japanese government estimated that the trade treaty could lift the gross domestic product of the world's third-largest economy by about 2.7 percent.

The trade deal is designed to remove tariffs on 91 percent of goods and standardize rules on investment, intellectual property, and e-commerce, among other trade practices. It also aims to promote optimization of the supply chains within the free trade zone.

The RCEP groups the 10 ASEAN states -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam -- as well as Australia, China, Japan, New Zealand, and South Korea.

Read the original story here.

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