ASIA NEWS – According to information received by World News Superfast, China and 14 other countries agreed on Sunday to establish the world’s largest trading bloc, which covers almost a third of all economic activity, in an agreement in Asia Many are hoping that it will help recover from the shock of the epidemic. The Regional Comprehensive Economic Partnership or RCEP was virtually signed on Sunday to mark the 10-nation annual summit meeting of Southeast Asian countries.
The Prime Minister of the host country, Nguyen Juan Fuch, said – I am happy to say
According to information received by World News Superfast, we have officially signed the RCEP talks to sign. The conclusion of the RCEP negotiations, the largest free trade agreement in the world, will deliver a strong message. Which reaffirms the leading role of ASEAN in supporting the multilateral trading system. According to information received by World News Superfast, the creation of a new business structure in the area, enabling permanent trade facilitation, rejuvenates supplies. The chain is interrupted by COVID-19. Helped to fix the epidemic.
The agreement would impose an already lower tariff on trade between member states
According to information received by World News Superfast, over time, and less comprehensive than the 11-nation trans-Pacific trade deal that President Donald Trump pulled out soon after assuming office. In addition to the 10-member union, it includes China, Japan, South Korea, Australia and New Zealand, but not the United States. According to information received by World News Superfast, officials said the deal leaves the door open for India, which exited due to domestic opposition to its market needs, so that the block can be reopened.
Asia is committed to multi-nation efforts for such free nations
It is not expected to go as far as the European Union, in integrating member economies. But builds on the existing free trade system. According to information received by the World News Superfast, the deal has powerful symbolic effects, showing that, nearly four years after Trump began his US First policy of doing trade deals with individual countries, Asia was one of such free nations. Is committed to multi-nation efforts. Is seen as a formula for future prosperity.