Japan becomes third country to ratify RCEP agreement

Japan ratified the Regional Comprehensive Economic Partnership (RCEP) Agreement on June 25 (Illustrative photo: AFP/VNA)

Japan ratified the Regional Comprehensive Economic Partnership (RCEP) Agreement on June 25, the country’s Foreign Ministry said.

Japan 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 pact will be Japan's first trade deal involving both China and the Republic of Korea (RoK), its biggest and third-biggest trade partners, respectively.

The deal is to strengthen the link between Japan and the Asia-Pacific region, which is the world's growth centre, and will contribute to Japan's economic growth when it comes into force, said Japanese Minister of Economy, Trade and Industry Kajiyama Hiroshi at a press conference.

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.

The ASEAN Secretariat processes operating procedures on behalf of the trade deal.

The RCEP agreement, signed by 15 countries last November, will enter into effect 60 days after it is ratified by at least six ASEAN members and three other signatory countries. Among the signatories, Singapore and China have completed ratification procedures.

It groups the 10 ASEAN members and Australia, China, Japan, New Zealand and the RoK./.