Sri Lanka, Nov. 25 -- The Cabinet of Ministers has granted approval to the proposal for Sri Lanka's participation in the Regional Comprehensive Economic Partnership (RCEP) and for the completion and submission of the initial questionnaire provided to Sri Lanka as necessary.

The 'Regional Comprehensive Economic Partnership (RCEP)' is a comprehensive free trade agreement between 10 member countries of the Association of Southeast Asian Nations (ASEAN) and five other regional countries that already have free trade agreements with ASEAN: Australia, China, Japan, South Korea, and New Zealand.

The agreement came into force on January 01, 2022, and it will be opened for accession by other prospective parties 18 months later, in July 2023.

Acc...