China ratified RCEP, waiting for other members

China has ratified the Regional Comprehensive Economic Partnership (RCEP) Agreement and expressed hope that other member countries will do so as soon as possible, Chinese Commerce Minister Wang Wentao said.

"The sooner the agreement enters into force, the faster the people of the member countries will benefit," Wang said at the annual session of the National People's Congress, China Media Group reported.

The agreement, signed by 15 Asia-Pacific countries in November 2020, needs to be ratified by six ASEAN (Association of Southeast Asian Nations) and three non-ASEAN countries to enter into force.

The signatories hope that the world's largest free trade bloc will be a stimulus for the pandemic-affected region's economy. RCEP members cover approximately 30 percent of the world's gross domestic product (GDP), and according to the agreement, they should reduce mutual tariffs by as much as 90 percent.

The agreement could increase trade among members by $428 billion, add $500 billion to global exports and improve the national income of the 15 countries by $186 billion by 2030, estimates the Peterson Institute for International Economics (PIIE) in Washington.