On November 15 2020, after eight years of negotiations, 15 Asia-Pacific nations including China, Japan, South Korea, Australia, New Zealand and the ten ASEAN countries, signed the Regional Comprehensive Economic Partnership Agreement (RCEP).
The landmark agreement is now the world’s largest free trade agreement and is set to shape global economics and politics. It accounts for a population of 2.3 billion - almost one-third of the world’s population, US$25.6 in total gross domestic product (GDP) - about one-third of total global GDP, and an intra-regional trade volume of US$10.4 trillion, accounting for 27.4% of total global trade volume.