China's ratification of Bangkok accord makes it world's largest trade pact, UN says

China's ratification of the Bangkok Agreement has made one of Asia's oldest trade accords the world's largest in terms of market potential, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) announced today.

With China's accession, the Bangkok Agreement -- an arrangement based on shared trade preferences -- becomes the largest regional trade arrangement in the world with a combined population of more than 2.5 billion, ESCAP said in a statement. Under the accord, members will be able to export 634 products to China at concessional tariffs.

Several interested countries in the region have keenly watched the ratification by China, as it will mean easier access to China's huge market, ESCAP officials note. The five other members of the Agreement are the Republic of Korea, India, Lao People's Democratic Republic, Sri Lanka and Bangladesh.

China deposited its instrument of ratification at ESCAP's 57th annual session, which is currently under way in Bangkok. During the week-long session, which has been broken up into ministerial and senior-official segments, delegates have discussed balanced development of urban and rural areas, opportunities for socio-economic mobility and control over natural resources, among many other topics.