After 8-yr of negotiations, 15 Asia-Pacific countries sign RCEP

Beijing, Nov 16 : After eight years of negotiations, 15 Asia-Pacific countries on Sunday signed the Regional Comprehensive Economic Partnership (RCEP), the world’s biggest trade pact, a move considered a massive coup for regional economic integration, multilateralism and free trade.
“This is not only a monumental achievement in East Asian regional cooperation, but more important, a victory of multilateralism and free trade,” said Chinese Premier Li Keqiang at the fourth RCEP Summit held via video link.
Leaders from the 15 nations, including 10 member countries of the Association of Southeast Asian Nations (ASEAN) and China, Japan, the Republic of Korea (ROK), Australia and New Zealand, witnessed the signing of the pact after the summit, the Xinhua news agency reported.
Calling the pact “the most promising FTA covering the largest population and most diverse membership,” Li said the signing “will inject new impetus into development and prosperity of the region, and will contribute to the recovery and growth of the world economy.” The RCEP agreement covers a market of 2.2 billion people, or almost 30 per cent of the world’s population, with a combined GDP of $26.2 trillion or about 30 per cent of global GDP.
It is an unprecedented regional trading arrangement that comprises a diverse mix of developed, developing and least developed economies of the region, according to a joint statement issued after the summit.