Japan'S Parliament Approved RCEP

The Senate of the Japanese parliament approved the regional comprehensive economic partnership agreement (RCEP) on the 28th. As the house of Representatives has already approved the agreement, this means that Japan has completed the RCEP approval process.

The Japanese government previously released the RCEP economic effect evaluation report, saying that since Japan's two important trading partners, China and South Korea, have joined the RCEP, the role of RCEP in promoting Japan's economy will exceed all the trade agreements Japan has signed so far. According to the report, RCEP is expected to increase Japan's GDP by 2.7% and create 570000 jobs.

In November 2020, 15 RCEP Member States formally signed the agreement. Once RCEP is ratified by six ASEAN Member States and three non ASEAN Member States, it can enter into force among those countries that have ratified it. At present, China, Singapore and Thailand have completed the approval process.