Two mega free-trade agreements (FTAs) will contribute immediately to the recovery of Southeast Asian countries because they broaden and deepen free trade with key partners at a time when the region is dealing with the economic fallout of the coronavirus pandemic, leading analysts say.
Signed at the Asean Summit hosted by Hanoi on Nov 15 last year, the Regional Comprehensive Economic Partnership (RCEP) is seen as a positive affirmation of the region’s willingness to maintain open trade flows. The Asia-wide pact involves 10 Asean nations, the so-called Plus Three economies — China, Japan and South Korea — and Australia and New Zealand.
Together, the RCEP’s 15 participants account for about 29% (US$25.8 trillion) of global gross domestic product (GDP), 30% (2.3 billion) of the world’s population and 25% ($12.7 trillion) of global trade in goods and services,…
