The Regional Comprehensive Economic Partnership (RCEP)

On November 15, 2020, Asia-Pacific countries including China, Japan, South Korea, Australia, and New Zealand signed the world’s biggest trade agreement – the Regional Comprehensive Economic Partnership (RCEP).

After 8 years in the making, the agreement aims is to make import and export easier throughout the region without high tariffs.

India had earlier negotiated, but ultimately did not join the agreement. Even with India is not included the RCEP, the agreement will form a market of 2.2 billion consumers (nearly a third of the world’s population) with a GDP of over US 26 trillion making this the largest trade agreement to-date.

The agreement now must be ratified by all members.