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S. Korea submits bill on trade pact for parliamentary approval

All News 16:28 October 01, 2021

By Kang Yoon-seung

SEOUL, Oct. 1 (Yonhap) -- South Korea said Friday it has handed in a bill to the National Assembly to ratify a regional trade pact that encompasses a third of the world's gross domestic product.

The move came after South Korea inked the Regional Comprehensive Economic Partnership (RCEP) in November last year with 14 other countries, covering the Association of Southeast Asian Nations (ASEAN), China, Japan, Australia and New Zealand.

Once implemented, the partnership is expected to help South Korea further diversify its trade portfolio.

S. Korea submits bill on trade pact for parliamentary approval - 1

Under the agreement, the trade deal can be implemented in 60 days after the period when at least six ASEAN countries and three non-ASEAN nations complete their domestic procedures.

The combined amount of exports to the participants of RCEP came to US$254.3 billion in 2020, taking up around half of South Korea's total outbound shipments, according to the data provided by the Ministry of Trade, Industry and Energy.

The member states of RCEP accounted for 25 percent of the combined amount of foreign investment in South Korea last year.


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