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The RCEP agreement was signed during the online summit of the Association of Southeast Asian Nations
The total population of these countries, which represent a third of the world economy, is 2.2 billion people.
China, Australia, Japan, and 12 other countries in the Asia-Pacific region have formed the world’s largest free trade zone, RBC writes Nov. 15.
The agreement was signed during the online summit of the Association of Southeast Asian Nations. We are talking about an agreement to create a free trade zone called the Comprehensive Regional Economic Association (RCEP).
The following countries have come together for free trade: Brunei, Vietnam, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand, the Philippines, China, Japan, South Korea, Australia, and New Zealand.
The total population of these countries, which represent 29 percent of the world economy, is 2.2 billion people, with a combined GDP of $ 26.2 trillion. This is slightly less than the share of the European Union (33 percent), but experts are confident that the indicator for the area will grow in the near future.
Under the agreement, reduced trade tariffs will be applied, supply chains will be strengthened through unified rules to determine the country of origin of goods, and new rules for electronic commerce will be systematized.
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This is Japan’s first free trade agreement with China and South Korea at the same time, Nikkei notes.
Negotiations on RCEP have been going on since 2013. India also participated in the talks, but withdrew from the discussion last year.
Experts note that the conclusion of a deal in Hanoi amid a trade war with the United States is a great success for the communist leadership in Beijing. They predict that the treaty will strengthen the economic integration of the Asia-Pacific region and counter protectionist tendencies.
Reuters writes that the conclusion of the RCEP is “another blow” for the Trans-Pacific Partnership, which was promoted by US President Barack Obama. The pact signed in 2016 provides for the total abolition of customs duties on goods and services in the Asia-Pacific region.
Previously, experts reported that China will be the only country to end 2020 with a positive economy. On this in detail in the material, the West is plunged into chaos and China is flourishing.
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