he Regional Comprehensive Economic Partnership (RCEP) – thought to be the world’s largest trade agreement – will come into force in January 2022 now that New Zealand and Australia have ratified it.
RCEP was signed last year by 15 Asia-Pacific countries and the “milestone” ratifications will make it the largest trade deal to include China.
The bloc covers a market of 2.2 billion people and $26.2 trillion of global output, representing about 30% of the world’s population, reports CNBC.
Members
RCEP is made up of the 10 members of the Association of Southeast Asian Nations (ASEAN) – Indonesia, Malaysia, the Philippines, Brunei, Singapore, Vietnam, Cambodia, Laos, Thailand and Myanmar – and five of their largest trading partners China, Japan, South Korea, Australia and New Zealand. Read More.
