By Lee Kyoung Mi and Lee Jihae
The Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement, was ratified on Nov. 4 in Bangkok, Thailand, during the RCEP's third summit.
An agreement among Korea, China, Japan, Australia, New Zealand, India and the ten member states of the Association of Southeast Asian Nations (ASEAN), the RCEP was ratified by all of the aforementioned nations except India.
President Moon Jae-in said, "The ratification of this agreement has led to the beginning of the world's largest free trade agreement. I hope that we build one economic cooperation zone where we respect each other's varying levels of economic development, culture and diverse systems."
"Trade barriers will be lowered and the depth of exchanges and cooperation deepened."
The president added, "I hope we jointly overcome the global economic downturn and the value of free trade spreads further."
Leaders of the nations taking part in the summit emphasized the importance of the RCEP in the face of threats to the global economy such as protectionism, as the accord is based on free and liberal standards. They agreed to quickly settle negotiations on matters such as market opening and finalize the relevant accords by next year.
The heads of state also expressed intent to cooperate with India on relevant issues. New Delhi opted not to ratify the agreement citing its chronic trade deficit.