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CHINA, 14 OTHER COUNTRIES SIGN LARGE TRADE DEAL
Nov. 16, 2020
Agri-Pulse reports:
China and 14 other nations signed off Sunday on the formation of the world's largest trade deal, agreeing to slash tariffs and other restrictions over the next 20 years. The deal is widely seen as a victory for China and its goals to increase its influence globally.
China, Japan, Australia, South Korea, New Zealand, Vietnam, Singapore, Thailand, Laos, Indonesia, the Philippines, Cambodia, Burma and Malaysia are all members of the Regional Comprehensive Economic Partnership, or RCEP.
Some of those nations are also members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a rival trade pact that was first initiated by the U.S., but only enacted after the U.S. decided to pull out in 2017.
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