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Bota

The largest trade bloc in the world is formed / The group is joined by 15 countries, including China, Japan, South Korea and Australia

Politiko 2020-11-15 19:03:50
The largest trade bloc in the world is formed / The group is joined by 15
Illustrative Photo

Fifteen countries have formed the largest trading bloc in the world, covering nearly a third of the global economy. The Comprehensive Regional Economic Partnership (RCEP) consists of 10 countries in Southeast Asia, as well as South Korea, China, Japan, Australia and New Zealand.

The pact is seen as an extension of China's influence in the region.

The deal excludes the United States, which withdrew from an Asia-Pacific rival trade pact in 2017. US President Donald Trump withdrew his country from the Trans-Pacific Partnership (TPP) shortly after taking office.

The deal would involve 12 countries and was backed by his predecessor, Barack Obama, as a way to counter China's influence in the region.

Negotiations on the RCEP began in 2012. The agreement was signed on Sunday as part of a summit hosted by Vietnam.

"I am pleased to say that after eight years of hard work, as of today, we have officially brought the RCEP negotiations to a conclusion," said Vietnam Prime Minister Nguyen Xuan Phuc.

Officials then signed copies of the agreement and showed it to the cameras at the virtual summit. Leaders hope the deal will help boost recovery from the coronavirus pandemic.

"Under the current global circumstances, the fact that the RCEP was signed after eight years of negotiations brings a ray of light and hope," said Chinese Premier Li Keqiang. He described the agreement as "a victory for multilateralism and free trade".

India was also part of the negotiations, but it withdrew last year over concerns that lower tariffs could hurt domestic producers.

The signatories of the agreement said India could join the pact in the future. RCEP members make up almost a third of the world’s population and make up 29% of gross domestic product.

The new free trade bloc will be larger than the US-Mexico-Canada agreement and the European Union./ REL

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