Australia, New Zealand Ratify RCEP, World's Largest Trade Deal

Australia, New Zealand Ratify RCEP, World's Largest Trade Deal

Raghavan Mayur

The Regional Comprehensive Economic Partnership (RCEP) joins the 10 Southeast Asian countries of the ASEAN group with China, Japan, South Korea, Australia, and New Zealand.

The area covered by the agreement will account for 53% of the world's exports in 2020, Thailand's government said.

It is not a comprehensive free trade deal comparable with that of the European Union, for instance.  However, some 90% of tariffs will be nixed over the next two decades, the countries involved said.

Read the original story here.

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