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After eight years of negotiations, 15 countries in the Asia-Pacific region signed a large-scale global trade agreement at a virtual meeting in Hanoi, the world’s largest in terms of gross domestic product of the participating countries, they reported. news agencies.
At the conclusion of the three-day summit of the Association of Southeast Asian Nations (ASEAN), news of the signing of the important agreement was announced by Vietnamese Prime Minister Nguyen Xuan Fuq.
The regional comprehensive economic agreement provides for the creation of a gigantic free trade area between the ten ASEAN countries, China, Japan, South Korea, Australia and New Zealand. The gross domestic product of the countries of the agreement amounts to 28 trillion dollars, which represents more than 32 percent of world GDP. Its population is 2.2 billion. According to experts, the agreement will lead to job creation, accelerate the development of regional and global production and supply chains, and be a powerful stimulus for the development of the economies of ASEAN countries and their partners. The agreement is expected to increase the GDP of the agreement countries to increase to $ 100 trillion by 2050.
The idea for the pact dates back to 2012 and is seen as China’s response to a similar US initiative, which was subsequently abandoned. India was also expected to join in, but gave up fearing its market would be flooded with cheap Chinese goods.
“Since the beginning of 2020, the coronavirus pandemic has covered more than 200 countries and territories, creating challenges in the socio-economic and political spheres and reducing the mobility of trade and investment flows in the world,” the Vietnamese prime minister said today. they also strive to solve problems through negotiations.
When it works, the deal will lower tariffs, create common trade rules, and ease supply chains. It will cover trade, services, investment, electronic commerce, telecommunications, and copyright.
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