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REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP

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REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP

November 15 will be remembered as a historic day in the history of the world in general, and of Asia in particular, as on this day, ten ASEAN nations, plus five other Asia-Pacific countries – China, Japan, South Korea, New Zealand and Australia – entered into the world’s largest free-trade agreement aptly named as Regional Comprehensive Economic Partnership (RCEP). This is the world’s biggest trade deal in terms of GDP which is expected to drive economic growth in a region hard-hit by the coronavirus pandemic. The new free trade zone will be bigger than both the US-Mexico-Canada Agreement and the European Union.

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