This past week, fifteen Asia-Pacific countries formed the world’s largest trading bloc, called the Regional Comprehensive Economic Partnership (RCEP).
Highlights of the deal include:
- The trade bloc includes: all ten nations under the ASEAN, plus China, Japan, South Korea, Australia and New Zealand
- Notably absent…the USA
- The RCEP deal is forecasted to account for 30% of the global economy
- RCEP signifies the first time China, Japan and South Korea are a part of a single trade agreement
- India participated in initial talks, but pulled out in November 2019
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