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15 countries sign trade agreement to eliminate over 90% of tariffs
3 January 2022, 16:00
The world's biggest trade agreement in history, the Regional Comprehensive Economic Partnership (RCEP), was signed by 15 Asia-Pacific countries. It came into force on 1 January. The treaty stipulates an increase in income for every third person on the planet and gives globalization advocates hope that global commerce and cooperation will recover after years of pandemic and economic downturn.
This comprehensive economic partnership will eliminate over 90% of trade tariffs for the 15 member states. Economists call the agreement a good sign for trade development in the region, but a wake-up call for the US, the WSJ writes.
The Regional Comprehensive Economic Partnership was signed by China, Vietnam, Singapore, Indonesia, Malaysia, Thailand, the Philippines, Myanmar, Brunei, Laos, Cambodia, Japan, Australia, South Korea and New Zealand. It brings together 2.2 bln people.
The RCEP will allow trade partners in Asia to gain market access and reduce trade costs, with the potential to accelerate economic growth and improve living standards, particularly for the most disadvantaged countries in the region. It is open to expansion and India is expected to be the first to join.
For Ukraine, this is a reminder to turn its attention to the market of the countries of the East.
