China & Asia-Pacific: The Largest Trade Deal in History
Earlier this month, leaders from 15 Asia-Pacific nations signed a historic deal that would reduce trade barriers in an area covering a third of the world population and a similar share of the global economy. The new free-trade zone is larger than the US-Mexico-Canada Agreement and the European Union. Economists estimate it can add $200 billion annually to the global economy by 2030. The Regional Comprehensive Economic Partnership (RCEP) brings together China, Japan, and South Korea in a trade deal for the first time while also including 10 Southeast Asian countries – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Australia and New Zealand are the only non-Asian partners on board, while the US sits on the sidelines.