A total of 15 countries, including ASEAN countries and China, virtually signed Sunday (November 15) to form the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade deal. About a third of global economic activity will fall under its jurisdiction. This deal is seen as a big game changer for China. Many Asian countries are hopeful that after this deal, the economic impact of the corona virus outbreak will help recover faster.
According to experts, the Regional Comprehensive Economic Partnership (RCEP) – which includes 10 Southeast Asian economies with China, Japan, South Korea, New Zealand and Australia – is the largest agreement trade in the world in terms of GDP. The Prime Minister of Vietnam chaired the Fourth Regional Comprehensive Economic Partnership Summit.
First proposed in 2012, the agreement was finally ratified at the end of the Southeast Asia Summit (ASEAN Conference), with leaders of member states deeming it effective to bring back the affected economies. ‘epidemic. Under the deal, member countries will reduce tariffs and pave the way for commercial services. America is not included in this agreement. Thus, it is seen as an alternative trade deal under China’s leadership that will curtail Washington’s trade initiative.
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Vietnamese Prime Minister Nguyen Xuan Phuc said before signing the virtual agreement: “I am delighted that after eight years of complex discussions, we are officially heading towards the agreement by ending the RCEP negotiations.” The Vietnamese prime minister said the deal indicates that at this difficult time of the Corona virus epidemic crisis, RCEP countries have decided to open their markets instead of taking protectionist measures. The agreement includes China, Japan, South Korea, Australia and New Zealand in addition to the 10 ASEAN member countries.
India has a golden opportunity for golden relations with Asian countries …
Options are kept open for India in the deal. India left this agreement because of the imperative to open its market. Meanwhile, Japanese Prime Minister Yoshihide Suga said his government supports the expansion of the Free and Fair Economic Zone, including the possibility of India returning in the future.