November 16. Asia created the world's largest trading block
Fifteen countries in the Asia-Pacific region on Sunday formed the world's largest free trade bloc without the participation of the United States, but with the support of China. The new alliance was named the Regional Comprehensive Economic Partnership (RCEP).
It is noted that the countries of the new trading bloc account for 30% of world GDP and almost a third of the world's population, and their total market is 2.2 billion consumers. The RWEP brought together the 10-member Association of Southeast Asian Nations (ASEAN), as well as China, Japan, South Korea, Australia and New Zealand.
The RWEP could strengthen China's position in relations with Southeast Asia, Japan and Korea, as well as provide the world's second largest economy with leverage to shape the rules of trade in the region. In addition, the new partnership will help China reduce its reliance on foreign markets and technology, which is growing due to deteriorating relations with the United States.
