Thailand completes ratification of RCEP: commerce minister


BANGKOK, Nov. 1 (Xinhua) -- Thailand has completed ratification of the Regional Comprehensive Economic Partnership (RCEP) agreement, Jurin Laksanawisit, Thai deputy prime minister and commerce minister said Monday.

The country has ratified the tade pact upon depositing its instrument of ratification with the secretary-general of the Association of Southeast Asian Nations (ASEAN) on Oct. 28, the official said.

Apart from Thailand, other ASEAN members including Singapore, Cambodia, Brunei and Laos have already ratified the RCEP agreement. Meanwhile, China and Japan have also completed ratifications of the pact.

Signed in November last year, the RCEP is a mega trade deal between 10 ASEAN member states, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, plus China, Japan, South Korea, Australia and New Zealand.

Ratifications from at least six ASEAN member countries and three of the other five member countries are needed for the trade deal to take effect.

Once in effect, the deal will eliminate tariffs on as much as 90 percent of goods traded between its signatories over the next 20 years. Enditem