CNN: RCEP: China signs huge Asia Pacific trade deal with 14 countries
Mon November, 2020, Age: 3 years
The Regional Comprehensive Economic Partnership (RCEP) was just signed between fifteen countries across the Asia Pacific region, including China, Japan, South Korea, New Zealand, Australia, Indonesia, Thailand, and Vietnam. India, notably, backed out of negotiations last year. The RCEP will represent one of the world’s largest free-trade zones, and has been nearly a decade in the making. While it has huge symbolic significance for China’s growing role in the region, some analysts have suggested that its actual benefits are still up in the air. It may also lead to only marginal economic benefits for its poorer South East Asia members. Six ASEAN countries and three other countries are still yet to ratify the deal.