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RCEP : 15 agreement
November 17 , 2020
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- China and fourteen other countries signed a deal to set up the world largest trading bloc.
- These 15 countries account to 30% of world population and 30% of global GDP.
- The deal is the world largest Free Trade Agreement.
- This is the first time China and Japan reached a bilateral tariff reduction arrangement.
- Also, it is for the first time China, South Korea and Japan have come together in a single free trade agreement.
- The agreement will lower the tariffs further.
- Also, it is less comprehensive than the Trans-Pacific trade deal.
- Unlike the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union Trade deal, it does not set standards on labour and environment.
- CPTPP was signed between Canada, Australia, Japan, Mexico, Vietnam, Singapore, Peru, New Zealand, Malaysia, Chile, Brunei in 2018 at Chile.
- India in 2019 opted out of the agreement mainly due to concerns of dumping manufactured goods from China.
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