Asia-Pacific Nations Ink World’s Biggest Trade Deal, And The U.S. Isn’t Part Of It
Asia-Pacific nations signed the world’s biggest trade deal on Sunday.
What Happened: Fifteen nations signed the Regional Comprehensive Economic Partnership. They represent a third of the world’s population and gross domestic product.
The agreement took place at a summit held virtually amid the pandemic.
The signatory nations are: Australia, China, Japan, South Korea and New Zealand; and the 10 members of the Association of Southeast Asian Nations, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
It still must be ratified by the signing states before it can take effect. This is no formality — many trade deals have foundered …