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Thailand ready to join world’s largest free trade agreement on Sunday
NationalNov 13. 2020
Jurin Laksanawisit
By THE NATION
Thailand is set to sign the world’s biggest free trade agreement at the 37th Asean Summit this week, the Commerce Ministry confirmed on Thursday.
Commerce Minister Jurin Laksanawisit is scheduled to sign the Regional Comprehensive Economic Partnership (RCEP) on Sunday (November 15) at a virtual meeting of Asean countries and their partners.
The RCEP will cover all 10 Asean member states plus five partners: China, Australia, Japan, New Zealand, and South Korea. India withdrew from the deal last year.
The RCEP will take effect from the middle of 2021 if at least six Asean members and three partners agree to its terms. The Thai Cabinet will consider the final agreement before it is sent to Parliament for final approval.
The largest free trade agreement will encompass almost 3.6 billion people (48.1 per cent of world population), with a combined GDP of more than $28.5 trillion (32.7 per cent of world GDP) and total trade value of over $11.2 trillion (29.5 per cent of world trade).
The deal will ease trade between members by reducing or scrapping tariffs, strengthening supply chains with common rules, and forging new e-commerce rules.
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