The world’s largest free trade agreement(FTA) known as the Regional Comprehensive Economic Partnership(RCEP) came into effect in South Korea on Tuesday.

This came in line with the regulations for the RCEP to come into force 60 days after a country deposits the instrument of ratification to the Secretariat of the Association of Southeast Asian Nations(ASEAN). 

The RCEP took effect in ten countries, including China and Japan, on January 1 after they completed ratification procedures earlier than South Korea. 

The latest effectuation is expected to further widen South Korea’s overseas markets to include games and films in addition to existing export items such as automobiles, steel and parts. 

The RCEP involves the ten ASEAN members and five other Asia-Pacific countries - South Korea, China, Japan, Australia and New Zealand. Their combined trade volume, population and nominal gross domestic product make up 30 percent of the world's total.

South Korea's exports to RCEP member countries takes up about half of its total export volume.