"Further acceleration of trade liberalisation will further contribute to the economic prosperity of the region", the ministry said.
According to a statement, the RCEP will stimulate the economic recovery of its signatory states after the COVID-19 pandemic.
China, ASEAN, Other Regional Nations Sign Major Trade Pact RCEP
© AP Photo / Aijaz Rahi
ASEAN member states include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
The RCEP is a major free-trade agreement between 15 countries in the Asia-Pacific region which together account for almost one-third of the world's population. The agreement was signed during an online ceremony on the sidelines of the annual ASEAN summit.