Context: Recently, Singapore has ratified the Regional Comprehensive Economic Partnership ("RCEP") Agreement, making it the first RCEP Participating Country to complete the official ratification process.
Key Points

• The RCEP is an economic partnership that builds on existing ASEAN agreements with its five Free Trade Agreement ("FTA") Partners (Australia, China, Japan, New Zealand and South Korea). 
• Comprising about 30% of global Gross Domestic Product and close to a third of the world's population, the RCEP is the world's largest FTA to date.
• The RCEP Agreement will enter into force 60 days after six ASEAN Member States and three ASEAN FTA Partners have deposited their instrument of ratification, acceptance or approval with the Secretary-General of ASEAN. 
• RCEP Participating Countries are targeting for the RCEP to enter into force on 1 January 2022.

Significance

• The RCEP is a major step forward for the world, at a time when multilateralism is losing ground and global growth is slowing.
• It is committed to providing fair regional economic policies that mutually benefit both the ASEAN and its FTA partners.
• It has the potential to deliver significant opportunities for businesses in the East Asia region.
• It will provide a framework aimed at lowering trade barriers and securing improved market access for goods and services for businesses in the region.
• Ratification by Singapore will complement its existing network of FTAs and boost trade and investment flows.