The world’s largest trade pact was inked on Sunday Nov 15th, 2020, by the leaders of 15 countries after eight years of talks.
The participating countries account for 30% of the global economy and 1/3 of the world’s population.
They comprise all 10 ASEAN members – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – and key partners Australia, China, Japan, South Korea and New Zealand.
Last November, India announced that it would pull out of RCEP negotiations following concerns over trade imbalances. Several ASEAN leaders have said since that the door will remain open for India to join the trade deal.
Among the key benefits of the agreement include tariff elimination of at least 92% of goods traded among the participating countries.
