Asia establishes world's largest free trade zone

Source : 112 Ukraine

The agreement provides for a reduction in customs duties and the introduction of common trade rules
16:43, 15 November 2020

China, despite the trade conflict with the United States, has concluded the world's largest free trade agreement with 14 countries in the Asia-Pacific region. After negotiations that lasted eight years, the corresponding document was signed in the capital of Vietnam, Hanoi. This is reported by Deutsche Welle.

The participants in the Regional Comprehensive Economic Partnership (RCEP) account for almost a third of the global economy - 29%. This is slightly less than the share of the European Union (33%), but experts are confident that the RCEP indicator will grow in the near future. 2.2 billion people live in the countries participating in the agreement.

The agreement provides for a reduction in customs duties and the introduction of common trade rules, which will also optimize supply channels. The agreement covers trade, services, e-commerce, telecommunications and copyright.

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Besides China, RCEP includes Vietnam, Singapore, Indonesia, Malaysia, Thailand, Philippines, Myanmar, Brunei, Laos and Cambodia, as well as Japan, Australia, South Korea and New Zealand.

Experts note that the conclusion of an agreement in Hanoi against the backdrop of a trade war with the United States is a great success for the communist leadership in Beijing. They predict the treaty will strengthen the economic integration of the Asia-Pacific region and counter protectionist trends.

Earlier, President Volodymyr Zelensky said that Ukraine is ready to work on finding opportunities to expand bilateral trade with China.

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