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The deal is largely seen as a counterattack against the United States, as President-elect Joe Biden begins his fight to rebuild the American economy. The countries involved included in the Regional Comprehensive Economic Association (RCEP) represent 28 percent of world trade.
The deal was made during a video conference Sunday after talks that lasted more than 8 years.
The powerful agreement slashed 90 percent of rates and simplified business with shared policies to access markets.
Includes the 10 members of ASEAN: Brunei-Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, plus the six countries with which ASEAN has free trade agreements: Australia, China, India, Japan. , Korea and New Zealand.
Australian Trade Minister Simon Birmingham said the 15 RCEP countries account for 30 percent of the world’s population.
In addition, he said that the 15 nations covered 30 percent of the global Gross Domestic Product.
Promoting the benefits of the deal, he said: “Better access for our farmers and businesses means more jobs for Australians overall.
“For our farmers and exporters, they get a more common set of rules in all 15 nations.
“For our service export industry, they gain significant new access in the financial, banking, senior care, healthcare, education and other service industries, directly into the provision of architectural or engineering and planning services. “.
Foreign Secretary Dominic Raab condemned Beijing’s ban on the four deputies.
He said: “Beijing’s imposition of new rules to disqualify elected legislators in Hong Kong constitutes a clear violation of the legally binding Sino-British Joint Declaration.
“China has once again reneged on its promises and undermined Hong Kong’s high degree of autonomy. The UK will defend the people of Hong Kong and denounce violations of their rights and freedoms.
“With our international partners, we will ensure that China fulfills its obligations that it freely assumed under international law.”
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