The Regional Comprehensive Economic Partnership, or RCEP, came into force on Jan. 1.
SINGAPORE — From cost savings to greater market access, there will be clear benefits for Singapore businesses as the world's largest trade deal comes into force, the city-state's trade minister said on Tuesday.signed by 15 countries, which collectively cover about one-third of the world's population and make up 30% of the global economy. It includes China, but excludes the U.S., and came into effect on Jan. 1.
The trade deal was signed by the 10 member states of the Association of Southeast Asian Nations and five of their largest trading partners: China, Japan, South Korea, Australia and New Zealand. Those countries make up a market of 2.2 billion people and $26.2 trillion of global output.
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