World’s biggest trading bloc formed as 15 countries come together
China and fourteen other nations have agreed to set up the new trading bloc which will account for almost one third of all global economic activity.
The Regional Comprehensive Economic Partnership (RCEP) was signed virtually on Sunday, November 15 in Vietnam at the annual 10-nation Association of South East Asian Nations (ASEAN). The Association has welcomed China, Japan, South Korea, New Zealand and Australia to the agreement.
The host country’s Prime Minister, Nguyen Xuan Phuc, said: “The largest free trade agreement in the world will send a strong message that affirms ASEAN’s leading role in supporting the multi-lateral trading system, revitalising the supply chains disrupted by Covid-19 and assisting the post-pandemic recovery.”
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