Japan Approves Participation in RCEP Free Trade Deal to Drive Economic Growth

Japan’s parliament has approved participation in the world’s largest free trade deal between 10 ASEAN nations, and 5 other Asia-Pacific countries, including China, reported Kyodo News. The deal covers 30% of the world’s GDP.

The deal first came to an agreement on Sunday, November 16, 2020, after 10 ASEAN nations, and 5 other Asia-Pacific countries, signed the world’s biggest trade deal in terms of GDP in The Regional Comprehensive Economic Partnership (RCEP). The agreement is expected to drive economic growth by lowering tariffs, opening up the service sector and setting common trade rules within the region. The agreement covers trade, services, investment, e-commerce, telecommunications and copyright.