China, Asia-Pacific countries sign world’s largest trade deal
by ChemOrbis Editorial Team - content@chemorbis.com
The Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade deal, was signed on November 15, Sunday after eight years of negotiations. The deal aims to broaden market access among 15 nations by reducing or eliminating tariffs in bilateral trading activities.
The mega-pact involves all ten ASEAN (Association of Southeast Asian Nation) countries and their five key trading partners, namely Australia, China, Japan, New Zealand and South Korea. These countries constitute 30% of global gross domestic product and trade.
The US continues to remain out of the mega deal, while the door would remain open for India to join as the country had decided not to participate in the negotiations last year, saying that its domestic market would materially get hurt by the deal.
The mega-pact involves all ten ASEAN (Association of Southeast Asian Nation) countries and their five key trading partners, namely Australia, China, Japan, New Zealand and South Korea. These countries constitute 30% of global gross domestic product and trade.
The US continues to remain out of the mega deal, while the door would remain open for India to join as the country had decided not to participate in the negotiations last year, saying that its domestic market would materially get hurt by the deal.
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