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China is officially completing the ratification process of the Regional Comprehensive Economic Partnership Agreement

 China has formally completed the ratification process for the Regional Comprehensive Economic Partnership Agreement, which includes the 10 members of the Association of Southeast Asian Nations (ASEAN) as well as China, Japan, South Korea, Australia and New Zealand.

The Chinese Ministry of Commerce said in a statement today, Friday, that Beijing deposited the letter of ratification of the agreement with the General Secretariat of ASEAN yesterday, which marks the formal completion of the ratification process by China.

Member states plan to ratify it before the end of this year and push it to take effect on January 1, 2022, as the agreement needs to be ratified by at least six ASEAN member states and three non-ASEAN member states, to take effect.

The Regional Comprehensive Economic Partnership is the largest free trade area in the world across a wide range of indicators, 2.27 billion people live in the fifteen member states, and the total GDP is $ 26 trillion, and total exports are $ 5.2 trillion.