After 8 gruelling years of negotiation, 15 countries have signed onto the largest free trade bloc in history. In a joint statement, the leaders of the countries, signatories of the trade deal, say RCEP (Regional Comprehensive Economic Partnership) will form a crucial part of economic recovery once the pandemic is over.
The deal excludes the US, which withdrew from a rival Asia-Pacific trade pact 3 years ago. President Donald Trump pulled his country out of the Trans-Pacific Partnership in 2017. That deal would have involve 12 countries and was supported by Mr Trump’s predecessor Barack Obama as a way to counter China’s surging power in the region.
Now, the leaders of China, Australia, Japan, New Zealand, South Korea and the 10 ASEAN nations, have signed the free trade agreement which covers 2.2 billion people and 30% of the world’s economic output. The new free trade bloc will be…
