Japan ratifies world's biggest free trade deal involving China, ASEAN

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Japan ratified on Friday the Regional Comprehensive Economic Partnership, a mega trade agreement also involving China, Australia and the Association of Southeast Asian Nations, the Foreign Ministry said.

Tokyo deposited its ratification instrument with the ASEAN Secretariat, making it the third member to do so toward the possible enforcement of the 15-nation RCEP by the end of the year.

The Cabinet approved the accord Friday, completing Tokyo's necessary domestic procedures for the ratification. It will be Japan's first trade deal involving both China and South Korea -- its largest and third biggest trade partners. The Japanese government estimated earlier this year that the trade treaty could lift the gross domestic product of the world's third-largest economy by about 2.7 percent.

 

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