Thread: UK & EU Agree Post-Brexit Trade Deal
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Old 15-11-2020, 21:39   #4580
1andrew1
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Re: Brexit-Transitional Period Ends 31/12/20
EU no longer the World's largest trading bloc. And more evidence that World trade is orienting towards such blocs.
Quote:
Fifteen countries have formed the world's largest trading bloc, covering nearly a third of the global economy.

The Regional Comprehensive Economic Partnership (RCEP) is made up of 10 Southeast Asian countries, as well as South Korea, China, Japan, Australia and New Zealand...

"Under the current global circumstances, the fact the RCEP has been signed after eight years of negotiations brings a ray of light and hope amid the clouds," said Chinese Premier Li Keqiang.

Mr Li described the agreement as "a victory of multilateralism and free trade".

India was also part of the negotiations, but it pulled out last year over concerns that lower tariffs could hurt local producers.

Signatories of the deal said the door remained open for India to join in the future.

Members of the RCEP make up nearly a third of the world's population and account for 29% of global gross domestic product.

The new free trade bloc will be bigger than both the US-Mexico-Canada Agreement and the European Union.
https://www.bbc.co.uk/news/world-asia-54949260
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