What is RCEP, the world’s biggest trade deal?

RCEP is a big deal, literally and metaphorically. When it’s signed off, the Regional Comprehensive Economic Partnership will create a free trade zone covering about 30% of the world’s gross domestic product, trade and population.

It also marks the first time Japan has had an agreement with China and with South Korea.

The Japanese government approved the deal at the end of April – and expects it to boost GDP by 2.7% and create more than half a million jobs, according to Kyodo News.

RCEP – which has been over a decade in the making – will eliminate tariffs on 91% of goods as well as introduce rules on investment and intellectual property to promote free trade.

It covers 15 member countries, but there’s also some overlap with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Here, Deborah Elms, Executive Director of the Asian Trade Centre in…