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S. Korea's National Assembly ratifies RCEP, with agreement expected to take effect in Feb. 2022 Updated: 2021-12-03 08:05:42 KST

South Korea's National Assembly has ratified the Regional Comprehensive Economic Partnership, also known as RCEP, with the agreement expected to go into effect for the country from February.
RCEP is the world's largest regional free trade agreement, encompassing about one-third of the world's GDP, world's population as well as trade volume.
The signatories include ten ASEAN member-states and five non-ASEAN countries, including Australia, China and Japan.
The agreement will take effect on January 1st for some countries.
South Korea's exports to the RCEP nations totaled more than 250 billion U.S. dollars in 2020, around half of Seoul's outbound shipments.
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