World’s largest trade deal RCEP to enter into force on Jan 1, 2022
November 4, 2021, 5:51 am

World’s largest trade deal RCEP to enter into force on Jan 1, 2022

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The We For News reported, the Association of Southeast Asian Nations (ASEAN) Secretariat announced that the Regional Comprehensive Economic Partnership (RCEP) agreement, the world’s largest trade deal so far, would enter into force on January 1, 2022.

Xinhua news agency reported, the Secretariat on Wednesday has received instruments of ratification from six ASEAN countries, namely Brunei Darussalam, Cambodia, Laos, Singapore, Thailand, and Vietnam, as well as from four non-ASEAN signatory states of Australia, China, Japan, and New Zealand.

The Secretary-General of ASEAN, Dato Lim Jock Hoi, said: “The expeditious ratification process by signatory states is a true reflection of our strong commitment to a fair and open multilateral trading system for the benefit of the people in the region and the world."

The Secretary-General stressed, the implementation of the agreement will provide a tremendous boost to post-Covid-19 economic recovery efforts.

RCEP agreement was agreed upon in November 2021 by the 10 member countries of ASEAN and five of their partner countries.

According to the agreement, the implementation of RCEP will begin 60 days after ratification by at least six ASEAN and at least three non-ASEAN countries.

Source: wefornews

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Upon arriving to participate in the summit of the European Political Community, which includes around forty heads of state in Budapest, he said, "I look forward to sitting with the elected U.S. president and seeing how we will collectively ensure we meet challenges, including the threats from Russia and North Korea." He also noted that the strengthening of ties between Russia and North Korea poses a threat to the United States as well, according to reports from Agence France-Presse.

Before Trump's victory, Rutte expressed confidence that a united Washington would remain part of the defensive alliance, even if Trump became the 47th president of the United States. In an interview with German public broadcaster ZDF last Monday night, he stated that both Republicans and Democrats understand that NATO serves not only the security of Europe but also that of America. He added that both candidates are aware that the security of the United States is closely tied to NATO.

On Wednesday, NATO congratulated Trump on his victory but did not address the Ukrainian issue.

It is noteworthy that the relationship between the elected U.S. president and the defense alliance was not the best during his first term in the White House. Trump criticized NATO member states multiple times and even hinted at withdrawing from the alliance unless they increased their financial contributions.

Additionally, the issue of the Russian-Ukrainian war is one of the matters that complicate relations between the two sides, especially since Trump has repeatedly stated that he can end this ongoing conflict, which began in 2022, quickly. He implied that he had a peace plan between Kyiv and Moscow, while his vice president, JD Vance, revealed aspects of that plan, which stipulated Ukraine's commitment not to join NATO, thereby sending reassuring signals to the Russians.

Furthermore, many NATO member states in Europe fear that Trump might halt military aid to Ukraine after he previously criticized the U.S. for pouring funds into supporting Ukrainian President Volodymyr Zelensky.