Businesses to enjoy tariff waivers as world’s largest trade deal RCEP enters into force

SINGAPORE: The Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement involving 15 countries including Singapore, entered into force on Saturday (Jan 1).

The RCEP will “provide a boost to the trade and business ties between Singapore and the RCEP parties”, said Trade and Industry Minister Gan Kim Yong in a press release.

“We are heartened that many Singapore businesses indicated that they were keen to explore utilising the RCEP Agreement when it enters info force during outreach events,” he added.

From Saturday, businesses will be able to enjoy tariff elimination on about 92 per cent of goods traded amongst signatory parties that have ratified the agreement, the Ministry of Trade and Industry (MTI) said.

The agreement was signed in November, 2020. Countries that have ratified the agreement so far include Singapore, Australia,…