The implementation of the Regional Comprehensive Economic Partnership agreement will further facilitate the integration of the regional supply chain and the setting of goods-inspection standards among participating countries, government officials said on Thursday.

Vice-Minister of Commerce Wang Shouwen said RCEP participant countries have decided to call a joint committee meeting every two months for updates on domestic ratification procedures. China and Thailand are the first of the 15 signatories to ratify the pact, which is scheduled to take effect on Jan 1.

Once the RCEP takes effect, mutual trade and investment and the level of economic integration among members will increase, he said.

The strength and resilience of the countries" industrial chain will also be reinforced, Wang added.

The vice-minister said local and global companies will enjoy a regional business environment of fewer investment barriers and low tariffs. The implementation of the agreement will help the regional supply chain better respond to external impacts.

The Japanese government said last week that its economy could be boosted by 15 trillion yen ($137.5 billion), thanks to the RCEP deal, which was signed last year by 15 countries.

According to the Japanese government, based on the country"s real gross domestic product in fiscal year 2019, the expected economic effect of the RCEP, which will cover a third of global trade and population, could correspond to a GDP increase of about 2.7 percent.