Ten members the Association of Southeast Asian Nations (ASEAN) and five other Asia-Pacific countries, including regional leader China, have inked the world’s largest free-trade pact that covers nearly a third of global economy.
The long-discussed agreement, officially known as the Regional Comprehensive Economic Partnership (RCEP), was signed on the sidelines of the annual ASEAN summit on Sunday. The meeting was virtual this year due the coronavirus outbreak.
“The signing of the RCEP Agreement is a historic event as it underpins ASEAN’s role in leading a multilateral trade agreement of this magnitude, despite global and regional challenges and eight years of negotiations,” said the secretary-general of the bloc, Dato Lim Jock Hoi.
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