Global Compliance News June 9, 2021 2 Mins Read Share In brief On April 28, 2021, the House of Councilors of Japan approved the Regional Comprehensive Economic Partnership Agreement (RCEP), nearly completing the ratification process that began with RCEP’s approval by the lower house of the Diet on April 15. Japan is expected to formally deposit its ratification instrument with the ASEAN Secretariat after a few remaining internal procedures. The RCEP, signed on November 15, 2020, is the largest regional free trade agreement (FTA) outside the WTO. Its 15 member states account for approximately 30% of the world’s gross domestic product (USD 26.3 trillion) and 30% of the world’s population (2.3 billion)