South Korea's industry ministry announced that the Regional Comprehensive Economic Partnership (RCEP), the mega free trade pact among 15 countries, will take effect for the country in February. The implementation comes 60 days after the Korean government submitted the parliamentary approval to the RCEP Secretariat. This means South Korea, which inked the trade deal in November 2020, will soon be exchanging trade with the 10 member nations of the Association of Southeast Asian Nations, China, Japan, Australia, and New Zealand. RCEP is expected to help Korean companies advance into overseas markets, the Ministry of Trade, Industry, and Energy said in a release. South Korea's exports to the RCEP participants came to USD254.3bn in 2020.
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