The Regional Comprehensive Economic Partnership (RCEP) was signed on Sunday in Vietnam by 15 nations in South East Asia, including Australia and New Zealand. The new trade block will have a GDP of $26.2 trillion and 2.2 billion people, making it the largest in the world.
This was disclosed in a Bloomberg report on Sunday evening.
What you should know
Nairametrics reported last week that 15 Asian nations led by China were expected to sign the world’s largest free trade agreement, which aims to reduce tariffs and improve supply chains between Asian nations. However, India withdrew from negotiations in 2019.