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RoK submits bill on RCEP for parliamentary approval

The Republic of Korea (RoK) said on October 1 that it has submitted a bill to the National Assembly to ratify the Regional Comprehensive Economic Partnership (RCEP).
RoK submits bill on RCEP for parliamentary approval ảnh 1A port in Busan, the RoK. (Photo: AFP/VNA)
Hanoi (VNA) – The Republic of Korea (RoK)said on October 1 that it has submitted a bill to the National Assembly toratify the Regional Comprehensive Economic Partnership (RCEP).

The move came after the RoK inked the trade pact inNovember last year with 14 other countries, covering the Association ofSoutheast Asian Nations (ASEAN), China, Japan, Australia and New Zealand.

Once implemented, the partnership is expected to help theRoK further diversify its trade portfolio.

According to the Korean Ministry of Trade, Industryand Energy, last year, the country exported up to 254.3 billion USD worth ofgoods to other RCEP member countries, accounting for about half of the RoK’stotal export value.

The RCEP agreement will make up nearly 30 percent ofthe world’s gross domestic products and create a market covering nearlyone-third of the global population.

It was signed last November and will come into effect60 days after it is ratified by at least six ASEAN members and three othersignatory countries./.
VNA
#Republic of Korea#RCEP#global population#ASEAN members#Vietnam#VietnamPlus#Vietnam news
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