15 Asian nations led by China are expected to sign the world’s largest free trade agreement in the weekend. The Regional Comprehensive Economic Partnership (RCEP) is expected to surpass the African Continental Free Trade Area (AfCFTA) in both size and value.
This was disclosed by Bloomberg in a report on Thursday.
The Regional Comprehensive Economic Partnership will have a potential market of 2.2 billion with a combined GDP of $26.2 trillion, making it the biggest by market size.
What you should know
The African Continental Free Trade Area (AfCFTA) is the biggest free trade agreement in the world right now with a potential market of 1.2 billion people and a combined gross domestic product of $2.5 trillion.
Nigeria announced that it has ratified Nigeria’s membership to the African Continental Free Trade Area (AfCFTA), ahead of the December 5, 2020 deadline. The agreement goes into effect from the 1st of January 2021.