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Brunei ratifies economic partnership agreement
Brunei Darussalam ratified the Regional Comprehensive Economic Partnership (RCEP) agreement upon depositing its instrument of ratification with the Secretary-General of ASEAN yesterday.
The Sultanate’s timely ratification of the RCEP agreement signals its strong commitment to support the region’s post-pandemic recovery efforts, strengthening its economic and trade linkages, creating new opportunities for businesses as well as support for an open, inclusive, rules-based multilateral trading system.
The signing of the RCEP Agreement was done virtually at the 4th RCEP Summit on November 15, 2020 by ASEAN member states Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam as well as ASEAN dialogue partners Australia, China, Japan, Republic of Korea and New Zealand.
The eight-year negotiated agreement, launched in 2012, establishes a modern, comprehensive, high-quality and mutually-beneficial economic partnership between ASEAN and its free trade agreement (FTA) partners.
Brunei Darussalam, being the world’s largest regional FTA comprising about 30 per cent of global gross domestic product (GDP) and about a third of the world’s population, is expected to benefit from the RCEP.
The RCEP will broaden and deepen economic ties between the members and provide new opportunities for producers and businesses especially in terms of market access given the level of liberalisation for trade in goods, services and investment.
Realising that its full potential can only be achieved once the agreement enters into force, the Sultanate looks forward to its RCEP partners expediting domestic ratification procedures for the timely entry into force of the agreement.
The RCEP agreement will enter into force 60 days after the six ASEAN member states and three ASEAN FTA partners deposited their instrument of ratification, acceptance or approval with the Secretary-General of ASEAN, as the designated depository for the RCEP agreement. The RCEP agreement is targetted to enter in force on January 1, 2022.
Source: https://borneobulletin.com.bn/brunei-ratifies-economic-partnership-agreement/