Asia-Pacific nations signed world’s largest trade deals

Ten ASEAN nations together with China, Japan, South Korea, Australia, and New Zealand have signed the Regional Comprehensive Economic Partnership (RCEP) on Sunday, 15 November 2020 after nearly a decade of negotiation. 

The agreement promises tariff elimination on 92% of all goods traded between the 15 participating countries and 65% of services sectors will be fully opened with increased foreign investment. 

The agreement is expected the bolster the regional economic recovery from the COVID-19 impact, however, it now must be rectified before coming into effect.