Singapore, Cambodia, Brunei, Laos, China and Japan have already ratified the agreement.

"[We] reaffirmed our commitment to expedite respective domestic procedures to have the RCEP Agreement enter into force in early January 2022 as targeted in order to enhance market and employment opportunities for businesses and people in the region," according to a chairman's statement from the ASEAN-Australia Summit held recently.

The summit statement indicates ASEAN and Australia's willingness to finalise the process soon for an early January launch, a top Asian media outlet reported.

Signed in November last year, RCEP is a mega trade deal between 10 ASEAN member states, China, Japan, South Korea, Australia and New Zealand.

Ratifications from at least six ASEAN member countries and three of the other five member countries are needed for the trade deal to take effect.

The deal aims at eliminating tariffs on as much as 90 per cent of goods traded between its signatories over the next 20 years.

Fibre2Fashion News Desk (DS)