Australian News

Australian news and media publication

Mega free trade pact RCEP enters into force for South Korea – World News in Spanish

SEOUL, Feb. 1 (Yonhap) — The mega-free trade pact called the Regional Comprehensive Economic Partnership (RCEP) went into effect Tuesday for South Korea, and is expected to help diversify the country’s trade portfolio. said the Seoul Ministry of Industry.

In November 2020, South Korea signed the trade agreement with 14 other countries (10 member nations of the Association of Southeast Asian Nations (ASEAN), China, Japan, Australia, and New Zealand), and the National Assembly ratified the pact in December. last. year.

It entered into force on Tuesday, 60 days after the government submitted parliamentary approval to the Ministry, according to the Ministry of Commerce, Industry and Energy.

RCEP is the world’s largest FTA, with the 15 member countries accounting for about 30 percent of the world’s gross domestic product, population and trade volume, government data showed.

The pact officially entered into force on January 1, 2022 for some countries, according to a rule that will come into force when at least six ASEAN countries and three non-ASEAN countries submit ratification after completing their due procedures. internal.

“It is expected to help our companies to advance in foreign markets, as it expands the market for our key export items, including steel and automobiles, as well as service sectors such as online games, animation, cinema and music,” the ministry said. saying.

The combined amount of South Korea’s exports to RCEP participants amounted to US$254.3 billion in 2020, accounting for about half of the country’s total outbound shipments, according to the data.

It is also the first free trade agreement involving South Korea and Japan, the ministry said.



Leave a Reply

Your email address will not be published.