China and 14 Asia Pacific economies (Indonesia, Malaysia, Philippines, Thailand, Singapore, Brunei Darussalam, Cambodia, Laos, Myanmar, Viet Nam, Japan, Korea, New Zealand, Australia) on Sunday officially signed the RCEP, which is said to be the world’s largest trade pact, in a virtual ceremony. The signing of the RCEP would help the Asia Pacific region take the global lead in recovering from the COVID19 pandemic and reduce US hegemony in the region.
The deal will create what is believed to be the world’s largest free trade zone, covering about one-third of the world’s total population and GDP. It will be also Japan’s first free trade framework with its vital trading partners China and South Korea.
