- The Regional Comprehensive Economic Partnership accounts for about one-third of the world’s population and economy, but does not include the United States
- Agreement paves the way for lower tariffs, less red tape and post-pandemic growth, observers say
China scored a “victory” on Sunday as 15 Asia-Pacific nations signed the world’s biggest free-trade pact, sealing an agreement that excludes the United States and extends Beijing’s economic sway in the region.The realisation of the Regional Comprehensive Economic Partnership (RCEP) comes after eight years of negotiations.It also comes amid questions over Washington’s engagement in the region, with the US absent from two of the most important trade groups that span the world’s fastest growing region – the RCEP and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), a rival trade bloc of 11 countries that went into effect in 2018.
Soon after taking office in early 2017, US President Donald Trump withdrew the United States from the Trans-Pacific Partnershi(TPP), the predecessor to the CPTPP.
On Sunday, leaders from China, Japan, South Korea, Australia, New Zealand and the 10 members of the Association of Southeast Asian Nations (Asean) witnessed the signing of the pact by their trade ministers by video conference.
https://www.scmp.com/news/china/dip...-victory-15-asian-nations-sign-worlds-biggest
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