Singapore has ratified the Regional Comprehensive Economic Partnership (RCEP) and deposited its ratification instrument on Friday.

In a statement, Singapore's Trade and Industry Minister Chan Chun Sing said that the Republic's expeditious ratification of the agreement signals the country's strong commitment to strengthening its trade and economic linkages with its partners, which will benefit its businesses and people.

"We look forward to our fellow RCEP participating countries doing likewise, to expedite the entry into force of the agreement," he added.

RCEP, a free trade agreement signed between the Asia-Pacific nations of 15 member countries including China, Australia, Japan and Singapore, accounts for 30% of the world's population and 30% of the global GDP.