China Underground > China Finance > 15 countries have formed the world’s largest trading bloc

15 countries have formed the world’s largest trading bloc

  • 5
  •  
  •  
  • 0
  •  
  •  

RCEP, or the Regional Comprehensive Economic Partnership is an economic cooperation block composed of 10 countries from Southeast Asia, South Korea, China, Japan, Australia, and New Zealand and represents 29% of the world’s gross domestic product.

What is the RCEP, Regional Comprehensive Economic Partnership?

The pact has been seen by many commentators as a further extension of Chinese influence over the region, following the 2017 American withdrawal by the now-former US President Donald Trump, who scrambled the Trans-Pacific Partnership (TTP) shortly after being been elected.

Negotiations on the RCEP went on for eight years, and the pact was finally signed on Sunday, during a virtual summit of the Association of Southeast Asian Nations hosted by Vietnam.

Chinese Premier Li Keqiang hailed the pact as a glimmer of light during this year of global turmoil caused by the Coronavirus pandemic.

The pact will eliminate a series of import tariffs for the next 20 years and includes a series of agreements on telecommunications, intellectual property, financial services, e-commerce, and professional services.

Countries participating in the Regional Comprehensive Economic Partnership

Australia
Brunei
Cambodia
China
Indonesia
Japan
South Korea
Laos
Malaysia
Myanmar
New Zealand
Philippines
Singapore
Thailand
Vietnam

image source: wikipedia

Source: ASEAN

 


 

If you like this article, please help us by making a donation so that we can continue our work. Please help keep us independent.

 

Subscribe to China Underground and get the free magazine 'Planet China'

* indicates required

View previous campaigns.

By clicking Sign Up, you agree to our terms and conditions.

You can unsubscribe at any time by clicking the link in the footer of our emails.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

Previous

30 Foods that might soon disappear because of climate change

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.