Canberra: Australia announced on Wednesday that it has ratified the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement, which will go into effect next year (FTA).

According to reports, Foreign Minister Marise Payne and Minister for Trade, Tourism and Investment Dan Tehan said in a statement that the Regional Comprehensive Economic Partnership Agreement (RCEP) would be a major boost for the country's economy. "Australia has ratified the Regional Comprehensive Economic Partnership Agreement, ensuring that our farmers and businesses can access the benefits of what will be the world's largest free trade agreement," the statement said.

The 15 signatories to the agreement -- ten members of the Association of Southeast Asian Nations (ASEAN), Australia, New Zealand, China, South Korea, and Japan -- account for roughly 30percent of the global population and GNP (GDP).

It aims to eliminate tariffs on up to 90percent of goods traded between the two countries and standardise investment and e-commerce rules."When fully implemented for all 15 signatories, the Regional Comprehensive Economic Partnership (RCEP) will be the world's largest free trade agreement, bringing nine of Australia's top 15 trading partners into a single economic framework," according to the statement.
 

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