The World’s Largest Trade Deal was Signed
and the US is not part of it
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While everyone was distracted due to COVID and US elections, the world’s largest trade deal was signed. Australia, New Zealand, Japan, China, South Korea, and members of the Association of Southeast Asian Nations (ASEAN- which include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) came together to sign the Regional Comprehensive Economic Partnership (RCEP). This regional partnership will bind together 30% of the global economy while combining 2.2 billion people and $26.2 trillion worth of GDP. RCEP is predicted to add $209 billion to annual incomes and $500 billion to world trade by 2030. The benefits of this trade deal include:
- Bolstering pandemic-weakened economies by reducing tariffs
- Stengthening supply chains with common rules of origin
- Enhancing online and personal consumer protection
- Transparency in paper-less trading
- Banning tech transfers and protecting intellectual property rights
Overall, this trade deal will help these nations further integrate trade and supply chains. It will also create norms for…
