At a cabinet meeting on the 24th, the government decided on a bill seeking the approval of the Diet, which is necessary for the entry into force of RCEP (Regional Comprehensive Economic Partnership), which is a framework for promoting free trade in the Asia-Pacific region.
The RCEP was agreed in November last year by 15 countries including Japan, China, South Korea and ASEAN countries.
India has forgotten the agreement, but if the agreement goes into effect, it will create a huge free trade zone that accounts for about 30% of the world's population and GDP.
It is expected that the reduction and elimination of tariffs and the unification of trade and investment rules will lead to the strengthening of the supply chain of parts such as automobiles and home appliance manufacturers.
Each country needs to take procedures such as approval for the agreement to come into effect, and the government plans to submit the necessary bills to the current Diet and aim for approval.