- RCEP is the world's largest free trade agreement, which was led by China.
- By doing so, Singapore has become the first participating country to ratify RCEP.
- This RCEP ratification prooves Singapore's strong commitment to strengthening trade and economic linkages with partner nations and will ultimately benefit businesses and the people of the nations.
- For making RCEP in force, atleast 6 ASEAN and 3 Non-ASEAN member states are supposed to come into effect.
- If RCEP gets implemented it will become the world's largest free trade agreement and will cover one-third of the world’s population and 30% of the world’s economy.
- India has opted out of RCEP in 2019.
- Static Part:
- Capital of Singapore: Singapore
- Currency of Singapore: Dollar
Question:
Q.1 Which country has become the first country to ratify RCEP?
a. Singapore
b. New Zealand
c. South Korea
d. South Africa
a. Singapore
b. New Zealand
c. South Korea
d. South Africa
