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SINGAPORE FIRST COUNTRY TO SANCTION RCEP

SINGAPORE FIRST COUNTRY TO SANCTION RCEP

Context 

Singapore becomes the first country to sanction the Regional Comprehensive Economic Partnership (RCEP) agreement. 

Details 

RCEP is the world’s largest free trade agreement, driven by China. In doing so, Singapore turned into the first among 15 participating countries to sanction RCEP.

Regional Comprehensive Economic Partnership (RCEP) agreement

  • RCEP is a multi-nation trade pact, containing 10 ASEAN economies as well as Japan, New Zealand, Australia, China, and South Korea.
  • In November 2020, the RCEP was signed by 15 participating countries.
  • India had quit it in 2019.

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