International: Singapore ratifies Regional Comprehensive Economic Partnership agreement
The Ministry of Trade and Industry ('MTI') announced, on 9 April 2021, that Singapore had ratified the Regional Comprehensive Economic Partnership ('RCEP') agreement. In particular, the RCEP is a free trade agreement that seeks to broaden and deepen the Association of Southeast Asian Nation's engagement with Australia, China, Japan, South Korea, and New Zealand, with the aim of establishing a modern, comprehensive, high-quality, and mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment and contribute to global economic growth and development.
In addition, the RCEP aims to, among other things, create a conducive environment for electronic commerce and includes provisions on online consumer protection, online personal information protection, unsolicited commercial electronic messages, and cybersecurity.
Notably, Singapore is the first RCEP participating country to complete the official ratification process.