Leaders from 15 countries have signed the Regional Comprehensive Economic Partnership, a pan-Asian trade agreement, after a decade of negotiations.
“We signed [RCEP] today, after a tough slog of eight years”, said Lee Hsien Loong, Singapore’s prime minister. “This is a major step forward for our region. At a time when multilateralism is losing ground, and global growth is slowing, the RCEP shows Asian countries’ support for open and connected supply chains, freer trade and closer interdependence.”
The pact covers about a third of global economic output and marks a big step for the economic integration of the region. Here are five things that explain one of the biggest trade deals in history.
