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Singapore- 1st Nation to Ratify ‘RCEP’

Published on April 12, 2021
Current Context: Singapore announced that it has ratified the Regional Comprehensive Economic Partnership (RCEP) agreement.
Singapore- 1st Nation to Ratify ‘RCEP’
  • 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
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