Home / World News / 15 Asian nations sign world's largest trade agreement backed by China

15 Asian nations sign world's largest trade agreement backed by China

The RCEP was signed after eight years of negotiations at the conclusion of annual summit of Southeast Asian leaders and their regional partners, held virtually this year due to the Covid-19 pandemic

china, rcep, asean, trade agreement, fta,Chinese Minister of Commerce Zhong Shan, Premier Li Keqiang

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Chinese Minister of Commerce Zhong Shan (R) next to Chinese Premier Li Keqiang during the virtual signing ceremony of the RCEP Agreement during the 37th ASEAN Summit in Hanoi, Vietnam photo: Reuters

Gurdip Singh | PTI Singapore

4 min read Last Updated : Nov 16 2020 | 12:25 AM IST

Fifteen Asia-Pacific nations, including China, on Sunday signed the world’s biggest trade agreement, the Regional Comprehensive Economic Partnership (RCEP), sans India with hopes that it will help recover from the shocks of the Covid-19 pandemic.

The RCEP was signed after eight years of negotiations at the conclusion of annual summit of Southeast Asian leaders and their regional partners, held virtually this year due to the Covid-19 pandemic.

The agreement, which covers almost a third of the world economy, will progressively lower tariffs across many areas in the coming years, reported Channel News Asia.

After the signing, all countries would have to ratify the

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