Hanoi: China and 14 other countries have agreed to form the world's largest trading bloc, which will cover about one-third of economic activity. Many countries in Asia are hopeful that this agreement will help to recover from COVID-19. The Regional Composite Economic Partnership (RCEP) will be digitally signed on Sunday, in addition to the annual summit of the 10-nation Association of Southeast Asian Nations (ASEAN).
Mohammad Azmin Ali, Malaysia's International Trade and Industry Minister, said, "After eight years of hard labor, the moment has finally come when we will sign the RCEP agreement." He added that the agreement hints that RCEP countries have decided to "open their markets instead of taking protectionist steps in this difficult period". The agreement includes China, Japan, South Korea, Australia and New Zealand in addition to 10 ASEAN countries.
Officials said that the gates have been kept open for India to rejoin the deal. Under the agreement, India exited due to opposition at the domestic level due to the imperative to open its market. Japan's Prime Minister Yoshihida Suga said that his government supports the expansion of the free and fair economic zone, including the possibility of India's return to the future in the agreement and hopes to get support from other countries as well.
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