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The world's largest trade alliance led by China

Monday, November 16, 2020

 The world's largest trade alliance led by China


  • Together, the 15 countries have formed the world's largest trade alliance, which accounts for about a third of the world's economy.
  • The agreement, called the Regional Comprehensive Economic Partnership (RCEP), covers 10 Southeast Asian countries, including China, South Korea, Japan, Australia and New Zealand.
  • China's rival two major economies, the United States and India, are not part of the deal and are seen as China's growing influence in the region.
  • The local industry in India had strong reservations about being part of this free trade bloc, which led the Indian government to withdraw from the agreement during the negotiations. However, other countries, including Japan, hope that India will be part of this trade alliance in the future. Will become
  • The Regional Comprehensive Economic Partnership Agreement will ease trade rules and reduce taxes, and is expected to benefit the region's 2.2 billion people and support the Corona-affected economy.
  • Chinese Premier Li Keqiang says the completion of the agreement in the current situation is a ray of hope and a victory for a free economy.
  • According to the British Broadcasting Corporation, this new bloc of free economy is a larger trade alliance than the European Union in addition to the alliance of the United States, Mexico and Canada.


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OTG Newz