Signing the largest free trade agreement in the world without the United States #china #USA

largest free trade agreement in the world.

The negative effects of the Corona pandemic precipitated the signing of the trade agreement between the countries of Asia and the Pacific region. Fifteen countries from the Asia-Pacific region have signed the world's largest free trade agreement, covering a third of the global economy.

Asian Market.

The "comprehensive regional economic partnership" agreement came after eight years of negotiations, with the participation of China, Japan, South Korea, and Australia. This agreement is likely to strengthen Beijing's dominant role in the region against the United States, which has not participated in the agreement.

It aims to eliminate tariffs on many traded goods. Details of the agreement were discussed and finalized virtually online at a meeting hosted by Vietnam. The Minister of Commerce in each country signed the agreement one by one, then raised it in front of the camera. The agreement was first proposed in 2012 and was finally concluded at the end of the Southeast Asia Summit, as leaders seek to bring their economies affected by the outbreak of the Coronavirus epidemic back on track. Fifteen countries inaugurate the largest trade bloc of its kind, covering about a third of the global economy After signing the agreement, Chinese Premier Li Keqiang said, "Under the current global circumstances, the fact that the Regional Comprehensive Economic Partnership Agreement was signed after eight years of negotiations sends a glimmer of light and hope in the clouds."

"It clearly shows that multilateralism is the right path, and represents the right direction for the global economy and the progress of humanity," he added.