EWJV - RCEP trade pact is signed after years of negotiations

Fifteen countries that make up nearly a third of the world's population and gross domestic product have formed the world's largest trading bloc.The Regional Comprehensive Economic Partnership, or RCEP, was signed by China, Japan, South Korea, Australia, New Zealand and the 10 ASEAN member countries, wrapping up eight years of negotiations before the next U.S. administration comes into office.The deal aims to strengthen supply chains with common rules of origin, reduce tariffs and codify new e-commerce rules."The completion of negotiations is a strong message affirming ASEAN's role in supporting the multilateral trade system," Vietnamese Prime Minister Nguyen Xuan Phuc said on the sidelines of the virtual ASEAN summit, where the pact was signed. The agreement will contribute to "developing supply chains that have been disrupted due to the pandemic as well as supporting economic recovery."Beijing has specifically looked to RCEP as an opportunity to write regional rules and diversify its

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RCEP trade pact is signed after years of negotiations