Congrats to RCEP !
15 countries including ASEAN, China, Japan, South Korea, Australia, and New Zealand formally signed the Regional Comprehensive Economic Partnership Agreement (RCEP) on 15th Nov, which means the largest global free trade agreement was officially reached.
The signing of the RCEP is an important step for regional countries to take concrete actions to safeguard the multilateral trading system and build an open world economy. It is of symbolic significance for deepening regional economic integration and stabilizing the global economy.
RCEP is regarded as the world's largest free trade agreement because it covers 2.2 billion people, accounting for about 30% of the world's total population. The 15 member states have a GDP of 25.6 trillion U.S. dollars in 2019, accounting for the global economy. 29.3% of the total, the intra-regional trade volume was 10.4 trillion US dollars, accounting for 27.4% of the global trade volume.
The 15 member countries include: China, Japan, South Korea, Vietnam, Philippines, Cambodia, Laos, Myanmar, Thailand, Malaysia, Brunei, Singapore, Indonesia, Australia and New Zealand.
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