Deal secured on world’s largest trade agreement - footwearbiz: Leading

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Deal secured on world’s largest trade agreement

17/11/2020
Fifteen Asia-Pacific countries have signed an agreement to set up the Regional Comprehensive Economic Partnership (RCEP). 

This will be the largest free-trade agreement anywhere in the world and should come into force in the next two years.

The 15 countries involved are Vietnam, China, Japan, South Korea, the Philippines, New Zealand, Singapore, Australia, Malaysia, Indonesia, Thailand, Cambodia, Brunei, Laos and Myanmar. They signed the agreement on November 15 at a virtual summit, formally hosted by Vietnam.

These countries collectively make up about 30% of the world’s population and 30% of global gross domestic product.

India also took part in discussions about the RCEP but pulled out of negotiations in November 2019.

Among the measures included in the agreement are unified rules of origin for products and materials.


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