World’s largest trade deal RCEP to come into force in January 2022
Vietnam’s Prime Minister Nguyen Xuan Phuc is pictured on the screen (R) as he addresses his counterparts during the 4th Regional Comprehensive Economic Partnership (RCEP) Summit held online on Nov. 15, 2020.
Nhac Nguyen | AFP | Getty Images
The world’s largest trade deal — which includes China and excludes the U.S. — will come into force in January next year.
It comes as Australia and New Zealand announced they have ratified the agreement.
The Regional Comprehensive Economic Partnership or RCEP was signed last year by 15 Asia-Pacific countries. The countries are the 10 members of the Association of Southeast Asian Nations and five of their largest trading partners China, Japan, South Korea, Australia and New Zealand.
Australia said in a statement on Tuesday that its ratification — together with New Zealand’s — paved the way for the deal to enter into force on Jan. 1, 2022, and allowed RCEP to reach a “milestone.”
New Zealand…
