World's largest trading bloc RCEP signed free trade agreement

November 16, 2020
World's largest trading bloc RCEP signed free trade agreement

15 countries have formed the world's largest trading bloc, covering nearly a third of the global economy.

The Regional Comprehensive Economic Partnership (RCEP) includes 10 Southeast Asian countries, and South Korea, China, Japan, Australia and New Zealand.

RCEP negotiation began in 2012. The Agreement was signed on Sunday on the sidelines of a meeting of the Association of Southeast Asian Nations (Asean), hosted by Vietnam.

All members leaders hope that the free trade deal will help to spur recovery from the coronavirus pandemic. 

Members of the RCEP make up nearly a third of the world's population and account for 29% of global gross domestic product.