RCEP: 15 Asia-Pacific Countries Sign World's Largest Trade Deal
China has signed the world's largest trade deal, one that excludes the U.S., with 14 other economies in the Asia-Pacific region
HANOI — China has signed the world's largest trade deal, one that excludes the U.S., with 14 other economies in the Asia-Pacific region.
The Regional Comprehensive Economic Partnership, or RCEP, is made up of China, the 10 members of the Association of Southeast Asian Nations, and South Korea, China, Japan, Australia and New Zealand.
The agreement was signed by the 15 countries via video conference on Nov. 15.
Members of the new free trade bloc cover a market of 2.2 billion people and $26.2 trillion of global output, or nearly a third of the world's population and 29 percent of global gross domestic product, according to reports by CNBC and BBC News.
The RCEP is seen as an economic and diplomatic coup for China. The U.S. pulled out of the Trans Pacific Partnership — a proposed trade agreement that included several Asia-Pacific countries but which excluded China — when Donald Trump became president in 2017.
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