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China has decided to support the formation of a global trade bloc created by fifteen Asia-Pacific economies, an agreement that excludes the United States, left behind by a rival Asia-Pacific group during the term of President Donald Trump, the agency reports. “Reuters” This Sunday, November 15.
The signing of the Regional Comprehensive Economic Association (RCEP) may consolidate China’s position as an economic partner in Southeast Asia, Japan, and Korea, putting the world’s second-largest economy in a better position to shape the region’s trade rules. .
The RCEP brings together the 10 members of the Association of Southeast Asian Nations (ASEAN), China, Japan, South Korea, Australia and New Zealand. The goal is to progressively reduce tariffs in many areas in the coming years and help China reduce its dependence on foreign markets and technology.
“The RCEP will soon be ratified by the signatory countries and will enter into force, contributing to the post-pandemic economic recovery from Covid-19,” said Nguyen Xuan Phuc, Prime Minister of Vietnam, where the ceremony was held as ASEAN president.
RCEP will be responsible for 30% of the world economy, 30% of the world’s population and will reach 2.2 billion consumers.
China’s Ministry of Finance has indicated that the promises of the new bloc include eliminating some tariffs within the group immediately and others over the next 10 years. “For the first time, China and Japan reached a bilateral tariff reduction agreement, achieving a historic breakthrough,” the ministry said in a statement.
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