BEIJING (Pakistan Point News / Sputnik - 15th November, 2020) China, member states of the Association of Southeast Asian Nations (ASEAN), Japan, South Korea, Australia and New Zealand on Sunday signed the Regional Comprehensive Economic Partnership (RCEP), the Chinese Finance Ministry said.
The RCEP is a major free-trade agreement between 15 countries in the Asia-Pacific region that are home to almost one third of the global population. The agreement was signed during an online ceremony on the sidelines of the annual ASEAN summit.
"Further acceleration of trade liberalization will further contribute to the economic prosperity of the region," the ministry said.
According to the statement, the RCEP deal will also stimulate the economic recovery of signatory states after the COVID-19 pandemic.
The ASEAN member states include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
