15 Asia-Pacific Nations have Signed The Regional Comprehensive Economic Partnership (RCEP), the World's Largest Trade Agreement
Involving 10 ASEAN members as well as China, Japan, South Korea, Australia, and New Zealand, the RCEP covers nearly a third of the world’s population and contributes approximately 30% of gross domestic product (GDP). Its main goal is to eliminate as much as 90% of the tariffs on imports between parties within 20 years of coming into effect therefore improving market access for goods and services.
The RCEP is expected to increase opportunities for trade and investment and secure welfare gains for its signatories. Countries such as India that have decided to exit the RCEP have to strategize alternative pathways to improve their existing trade policies.
Read the summary of the RCEP agreement here.