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World's biggest trade pact
From:This web site | Release time: 2020-11-20 | 1779Time to browse

After eight years of negotiations, 15 Asia-Pacific countries on Sunday signed the Regional Comprehensive Economic Partnership (RCEP), the world's biggest trade pact, a move considered a massive coup for regional economic integration, multilateralism and free trade.

The agreement involves all 10 member countries of the Association of Southeast Asian Nations and five of its major trading partners - China, Japan, South Korea, Australia and New Zealand.

The RCEP agreement covers a market of 2.2 billion people, or almost 30% of the world's population, with a combined GDP of $26.2 trillion, or about 30% of global GDP.

 It is an unprecedented regional trading arrangement that comprises a diverse mix of developed, developing and least developed economies in the region, according to a joint statement issued by leaders of the participating countries.The agreement "is critical to the region's response to the COVID-19 pandemic and will play an important role in building the region's resilience through an inclusive and sustainable post-pandemic economic recovery process," leaders said in the statement.

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