mandag 16. november 2020

The New Megapact: What is the Regional Comprehensive Economic Partnership (RCEP)?

Asian leaders have signed a mammoth trade deal that has been nearly a decade in the making. It includes the 10 members of the Association of Southeast Asian Nations (Asean), plus China, Japan, South Korea, Australia and New Zealand.

The members make up nearly a third of the world's population and account for 29% of global gross domestic product. The new free trade zone will be bigger than both the US-Mexico-Canada Agreement and the European Union. India was also part of the negotiations, but pulled out last year, over concerns that lower tariffs could hurt local producers. The Regional Comprehensive Economic Partnership (RCEP) was signed on the side lines of the mostly-online Asean conference this weekend.