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The Silicon Review Asia

More than twelve countries in the Asia Pacific to sign the world’s largest trade agreement in 2020

More than twelve countries in the Asia Pacific to sign the world’s largest trade agreement in 2020

After negotiating all the rules and regulations for almost six years, Asia Pacific is now all set to sign the world’s largest trade agreement in the year 2020. The deal which is known as the Regional Comprehensive Economic Partnership (RCEP), involves 10 countries from the Association of Southeast Asian Nations (ASEAN) and also involves five of its primary trading partners which are; Australia, China, Japan, New Zealand, and South Korea.

These countries makeup approximately one-third of the world population and also the global domestic product, according to the recent reports made. It is said to be larger deal than all other regional trading blocs such as the European Union and the USMCA agreement.

“RCEP was hard-fought, but a choice made easier by the calculation that Asia needed to push back against protectionism even as the United States chose that path,” academics from the Australian National University stated.

This decision by these countries will boost commerce across the group as the tariff rates go down, by standardizing customs rules and procedures and there will also be widening market access among the existing trade deals. It will also help to develop a good bond and relationship among these countries pertaining to trade and exchange in the coming days.

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