China and 14 other countries have agreed to form the world’s largest trading bloc, which will cover about one-third of economic activity. Many countries in Asia hope that the deal will help the corona virus epidemic recover faster.
The Regional Composite Economic Partnership (RCEP) will be signed digitally on Sunday on the sidelines of the annual summit of the ten-nation Southeast Asian Nations (ASEAN). Malaysia’s International Trade and Industry Minister Mohammad Azmin Ali said that after eight years of hard work, the moment has finally come when we will sign the RCEP agreement.
He said that the agreement indicates that the RCEP countries have decided to “open up their markets rather than take protectionist measures in this difficult time”. The agreement includes China, Japan, South Korea, Australia and New Zealand in addition to 10 ASEAN countries.
Officials said that the doors of India’s re-entry into the pact have been kept open. Under the agreement, India exited due to opposition at the domestic level due to the imperative to open its market. Japan’s Prime Minister Yoshihida Suga said that his government supports the expansion of the free and fair economic zone, including the possibility of India’s return in the agreement, and he hopes to get support from other countries as well.