Japan on Friday ratified the Regional Comprehensive Economic Partnership (RCEP), the world's biggest free trade agreement, which comprises 15 Asia-Pacific countries including China and 10 members of the Association of Southeast Asian Nations (ASEAN), the Foreign Ministry said.
The ministry, as reported by local media, said Tokyo deposited its ratification instrument with the ASEAN Secretariat. In doing so Japan has become the third member toward the enforcement of RCEP.
The move follows Japan's upper house of parliament in late April approving the RCEP, which is expected to feasibly enter force later this year and could create the world's largest free trade zone, covering roughly 30 percent of the world's gross domestic product, trade and population.
For Japan, it will be the first trade deal that comprises both China, its largest trading partner and South Korea, its third largest trading partner.
The deal was signed by China, Japan, South Korea, Australia, New Zealand and the 10 members of ASEAN in November 2020. The pact will enter into force 60 days after it is ratified by six of the ASEAN members and three non-ASEAN countries.
China backs Hong Kong to join RCEP trade deal in potential boost to city’s flagging logistics sector
China’s commerce ministry says Beijing ‘will actively support Hong Kong’s early accession’ to the Regional Comprehensive Economic Partnership (RCEP)
The 15-nation pact could boost Hong Kong’s trading and logistics sector, which has seen its share of gross domestic product steadily decline, analysts say
China’s export growth unexpectedly picked up in June, shrugging off the impact of port disruptions in southern China and helping to underpin the economy amid signs the recovery is starting to slow.
Export growth accelerated to 32.2% in dollar terms in June from a year earlier, the customs administration said Tuesday, overturning economists expectations of a slowdown to 23%. Imports climbed 36.7%, also beating the median forecast of 29.5%.
That left a trade surplus of $51.5 billion for the month, the highest since January.
Distributable amount for the 1HFY2021 stood 51.1% higher y-o-y at HK$566.2 million.
HPH Trust, for the 1HFY2021 saw profit attributable to unitholders surge over three times to HK$768.3 million from the HK$212.4 million reported in the 1HFY2020.
Revenue for the 1HFY2020 stood 25.4% higher at HK$5.99 billion, from revenue of HK$4.78 billion in the 1HFY2020.
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